BoT sees financial inclusion as a key pillar of EAC development

ARUSHA: THE Deputy Governor of the Bank of Tanzania (BoT), Sauda Msemo, said the financial inclusion, together with the protection of financial service consumers, is a key pillar in strengthening the financial sector and achieving inclusive and sustainable development for citizens of the East African Community (EAC).

Msemo made the remarks during the opening of a regional workshop held from January 28 to 30, 2026, at the Bank of Tanzania Branch in Arusha, which brought together delegates from central banks of EAC member states.

She said the workshop provides an important platform for discussing and coordinating joint strategies to enhance access to and usage of inclusive financial services, while also strengthening consumer protection efforts that will contribute to poverty reduction and improved welfare of people across the East African region.

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She further emphasized that participants should focus on addressing challenges that hinder the use of formal financial services, particularly among women, youth, persons with disabilities, and small-scale traders, noting that these groups play a significant role in achieving inclusive and sustainable development.

Speaking earlier, the Director of Consumer Welfare and Financial Inclusion, Kennedy Komba, said that through the regional committee, member states will be able to develop better policies by using harmonized data, measurement frameworks, and joint analytical work.

Komba added that these efforts will ensure that consumer welfare, financial resilience, and inclusive growth remain central pillars of the financial sector inclusion agenda within the East African Community.

He explained that technical discussions during the workshop focus on key areas including financial inclusion, data standards, financial health measurement frameworks, consumer protection in financial services, market conduct supervision, financial literacy, and emerging inclusive financial innovations at both regional and global levels.

According to the organizers, the discussions are expected to highlight the importance of establishing a Committee of Experts on Financial Inclusion and Consumer Protection, which will help strengthen economic integration within the East African Community in the areas of financial inclusion and consumer protection.