TBA, TAFINA join forces to drive digital financial inclusion

DAR ES SALAAM: THE Tanzania Bankers Association (TBA) has signed a landmark agreement with the Tanzania Fintech Association (TAFINA) to accelerate financial inclusion through digital innovation, in alignment with the newly launched National Development Vision 2050.

Speaking during the signing ceremony in Dar es Salaam on Wednesday, TBA Executive Director Tuse Joune said the Memorandum of Understanding (MoU) represents a strategic partnership aimed at fostering collaboration between banking institutions and financial technology companies.

“This partnership will enable us to develop and adopt innovative digital solutions that will enhance access to financial services, particularly for underserved groups such as rural communities, smallholder farmers, women, youths and persons with disabilities,” she said.

Ms Joune underscored that the collaboration aligns with Vision 2050’s emphasis on building a digital economy.

“As the Vision directs us to focus on a digital economy, digital banking solutions are crucial. These agreements will make it easier and more affordable to deliver financial services to the people, which is essential for achieving our development goals,” she added.

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She further explained that TBA’s key role in the agreement is to represent the voice of the banking sector in advancing financial inclusion.

“Since our members are heading towards digitalisation and TAFINA members specialise in developing such solutions, it was important for us to establish this official engagement to boost cooperation for the benefit of all stakeholders,” she said.

On her part, TAFINA Engagement Manager Juliet Kiluwa said the agreement would enable fintech firms to work closely with banks in developing practical digital solutions to improve service delivery in the financial sector and contribute to the country’s economic growth.

“We are committed to working together with TBA to ensure that the solutions developed by fintechs enhance the quality and accessibility of financial services across Tanzania,” Ms Kiluwa said.

According to the 2022 Finscope Survey, while financial inclusion in Tanzania has reached 89 per cent, only 22 per cent of the population currently utilises banking services.

This highlights the need for innovative approaches to bridge the gap and unlock opportunities for economic participation.

The partnership between TBA and TAFINA will support ongoing national initiatives, including the Third National Financial Inclusion Framework (2023–2028), the Financial Sector Development Master Plan (2020/21– 2029/30) and the National Development Vision 2050.

Stakeholders believe that deeper collaboration between banks and fintechs will unlock untapped potential in the financial landscape, boosting private sector credit, creating jobs and driving overall economic empowerment for Tanzanians.