The regulators believe that the use of the data can be a major boost for enterprising farmers, women and youth in line with the country’s National Financial Inclusion Framework (NFIF) 2018-2022.
Dar es Salaam. Financial sector regulators are banking on the use of grassroots data to refine policies and drive market innovation.
The regulators believe that the use of the data can be a major boost for enterprising farmers, women and youth in line with the country’s National Financial Inclusion Framework (NFIF) 2018-2022.
This was revealed recently when the experts in the financial sector converged in Mbeya during a boot camp dubbed: Fin Disrupt Boot Camp, which was organised by the Financial Sector Deepening Trust (FSDT).
During the boot camp, the regulators called for a human-centred approach in design and product development relevant for financial services in the market.
FSDT Executive Director Sosthene Kewe said the Fin Disrupt Camp sought to bring together policy makers, key regulators and leaders of various associations in an effort to create an enabling environment for promotion of the uptake and usage of financial services.
He said the boot camp sought to leverage end-user evidence and insights to start conversations on how the financial service providers and policy makers can develop innovative solutions that meet appropriate needs of their users.
“This will reinforce the alignment with the drivers of usage-- relevance, appropriateness, convenience and affordability,” he said.
At the boot camp, there were regulators from the Bank of Tanzania (BoT), ministry of Finance, Zanzibar ministry of Finance, ministry of Industry, Trade and Investment, Tanzania Insurance Regulator Authority (Tira), Tanzania Association of Microfinance Institutions and President of the Insurance Institute, to mention but a few.
The Tanzania Bank Association Executive Director, Ms Tuse Joune said the boot camp was an eye opener as it brought them in contact with end users of their solutions.
“When you look at the Tanzania Finscope survey 2017...it says that banks have many products, but many of these products don’t reach the people...so my role is to connect with the banks. I will add a lot to what the banks do to achieve the financial inclusion agenda,’’ she noted.
She explained ways of reducing the cost of financial service delivery like having national pay-out system to lower operating cost and also bring financial services closer to consumers in rural areas.
The regulators believe that can bring about a drastic increase of bank or mobile money agents in rural areas that are not well served by Financial Service
Providers(FSPs).
Micro insurance coordinator at Tira Ancellmi Anselmi said the boot camp would reshape the thinking of ongoing approaches and interventions, discovery of needs of the market, needs of the regulator and opportunities for intervention, and information on what is happening with other regulators.
He also proposed putting up of a customer’s verification processes to bring on board technological innovations to address issues of account opening and delivery of savings, credit and insurance products through digital channels.
