Women in finance urged to lead inclusive growth under Vision 2050

Dar es Salaam. As Tanzania forges ahead with its Vision 2050 agenda, women in the financial sector have been urged to take the lead in promoting inclusive economic transformation, leveraging technology, and expanding access to financial services across all segments of society.

The call was made on Saturday, August 2, by Deputy Governor of the Bank of Tanzania, Ms Sauda Msemo, during a high-level women’s breakfast meeting hosted by the Tanzania Women in Finance Association (Tawifa).

Themed “The Role of Women in the Financial Sector in Tanzania’s Vision 2050 and the 2025/26 National Budget,” the meeting brought together key industry stakeholders to strategise around women’s role in shaping a sustainable financial future.

“Women are not merely stakeholders; they are a vital pillar of economic growth and financial stability,” said Ms Msemo.

“Through the National Financial Inclusion Framework (NFIF3), the gender gap in formal financial services has been reduced to five percent, but challenges persist—particularly in loan access, business ownership, and financial literacy,” she added.

She underscored that both Vision 2050 and the 2025/26 National Budget prioritise inclusive development, with a specific focus on women, youth, and marginalised groups. Women, she said, must lead in promoting the six pillars of transformation: integrity, transparency, accountability, industrialisation, technological advancement, and inclusive leadership.

Ms Msemo also commended Tawifa’s efforts to empower women and youth—especially in rural areas—through education and enterprise development.

“We cannot realise sustainable development without full and active participation of women at every level—from planning and implementation to decision-making,” she said.

Tawifa President Ms Fikira Ntomola said the purpose of the event was to familiarise members with the country’s long-term vision and inspire them to explore how it could be aligned with their roles in the financial sector.

“These types of meetings will continue in different regions to ensure our members fully understand the vision’s objectives and how to integrate them into their day-to-day work,” she said.

“The financial sector is a key enabler of development, and we must explore how to better harness technology to serve more women, particularly in underserved and remote areas.”

On her part, Deputy Executive Secretary for Planning and Innovation at the Planning Commission, Dr Blandina Kilama, emphasised that digital tools were critical to achieving inclusive finance.

“For the Vision to effectively reach women, especially in rural and marginalised communities, financial institutions must fully embrace modern technology,” she said. “Gatherings such as this are crucial in raising awareness about Vision 2050 and offering a space to learn, share experiences, and develop practical strategies for implementation.”

Meanwhile, Deputy Commissioner at the Tanzania Insurance Regulatory Authority (Tira), Ms Khadija Said, spoke on the shifting dynamics in the insurance sector, where women are increasingly taking on leadership roles.

“Insurance has traditionally been viewed as a conservative field, but the industry is evolving to embrace innovation and gender inclusion,” she said. “While we’ve made progress, achieving full gender balance in decision-making remains a target for 2050.”

She noted that women should play a leading role in designing inclusive insurance products tailored to families, smallholder farmers, informal businesses, and rural women. Digital technology, she added, remains central to widening access and delivery of insurance services.