The initiative comes at a time when data from the Bank of Tanzania (BoT) and Finscope shows that only 22 percent of Tanzanians currently use banking services, underscoring the need for greater financial inclusion
Dar es Salaam. The Tanzania Bankers Association (TBA) has formed a dedicated research platform to explore how the banking sector can increase the number of Tanzanians accessing formal financial services, in line with the country’s Vision 2050 agenda.
The initiative comes at a time when data from the Bank of Tanzania (BoT) and Finscope shows that only 22 percent of Tanzanians currently use banking services, underscoring the need for greater financial inclusion.
Speaking at the launch yesterday, TBA chairman Mr Theobald Sabi underscored the significance of the new platform, noting that it had been introduced soon after the unveiling of Vision 2050.
“It is true that the numbers are still low, but compared to where we started, there has been significant progress. Our goal is to see more citizens accessing loans and banking services that will help grow their businesses and economic activities. This will play a vital role in achieving Vision 2050,” he said.
Mr Sabi explained that the forum will foster discussions on critical issues affecting the banking industry and generate recommendations to be submitted to institutions such as the BoT and the Ministry of Finance. The aim, he said, is to support policy reforms that make the financial sector more responsive to the needs of citizens.
Through research-led approach, TBA hopes to drive innovation, strengthen financial inclusion and ensure the banking industry contributes more effectively to national economic growth.
BoT director of financial sector supervision, Mr Sadati Musa, said the forum would provide a professional platform to examine challenges and opportunities within the industry.
“A lot has already been done by banks, but to continue progressing, various topics will be discussed to ensure the sector’s contribution to economic development continues to grow,” he said.
TBA chief executive officer Ms Tuse Joune added that the forum will be held annually and focus on issues such as the performance of foreign exchange markets and the impact of BoT regulations on service delivery.
“Many banks have introduced products that respond to the real needs of citizens. Today, we see increased collaboration between banks and this forum is critical for the continued growth and development of the sector,” she said.
