Government to deepen financial services for Tanzanians

Dodoma. The government has planned a series of events and sessions aimed at disseminating public awareness on financial services in Tanzania.

The programme starts on Monday when the National Financial Services Week (NFSW), organised by the Ministry of Finance and Planning, commences in Dar es Salaam.

NFSW is part of the strategies to provide public education which is a priority in the implementation of the Financial Sector Development Master Plan for 2020/21-2029/30.

“The government will continue providing public awareness to deepen the financial markets and benefit people,” said the ministry’s permanent secretary, Mr Emmanuel Tutuba, during a media workshop.

Mr Tutuba also challenged the media practitioners to explore opportunities in the financial sector during the Week, instead of just reporting.

The ministry, in collaboration with various stakeholders in the financial sector, has prepared a financial education teaching tool which has identified key areas of consideration during the provision of financial education to the public. These areas include personal finance management, saving, credit, investment, insurance, deposit insurance, taxes and bonds.

The government intends to make 80 percent of the population aware of the financial matters by 2025, as a result of the implementation of the financial education programme.

According to the 2017 Tanzania Fin-Scope Survey, only 48.6 percent of the labour force use formal financial services - and, therefore, many Tanzanians do not benefit from these services leading to missing opportunities to improve their livelihood through various economic activities and ultimately contribute to economic growth.

“You know, the role of the financial sector in the economic growth is like blood vessels in the human body,” said the ministry’s assistant commissioner for financial sector, Ms Dionisia Mjema, in her presentation at the meeting.

The National Financial Services Week aims to reach various stakeholders including public servants, students, teachers, women, youth, people with special needs, small and medium entrepreneurs (SMEs), non-government organisations, editors and journalists, financial service providers - and the general public.

Financial services include - bur are not limited to - banking, insurance, capital markets and social security schemes.