Tanzania hits heights in financial inclusion as mobile money; TIPS serve 89 percent of its people

ARUSHA: TANZANIA has recorded major progress in financial inclusion, with 89 per cent of citizens now able to access financial services within a five-kilometre radius, largely driven by the rapid expansion of mobile money services and the Tanzania Instant Payment System (TIPS).

New figures further show that 72 per cent of adults in the country are actively using financial services, marking a significant milestone in the country’s push towards an inclusive digital economy.

However, despite the achievements, stakeholders say gender inequalities, informal business operations and policy barriers continue to hinder access to inclusive financial services for many Tanzanians.

The issues emerged during a meeting bringing together nearly 40 member countries of the Alliance for Financial Inclusion (AFI), taking place in Arusha.

Speaking during the meeting, Bank of Tanzania (BoT) Deputy Governor responsible for Financial Sector Stability and Inclusion, Sauda Msemo, said small and medium enterprises (SMEs) continue to face difficulties in accessing formal financial services despite being central to economic growth.

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She noted that SMEs contribute significantly to employment creation and household incomes, making their participation in the formal financial system crucial for sustainable economic development.

Additionally, the deputy Governor called on financial sector regulators to review and implement inclusive policies that address gender disparities and create a more supportive environment for small businesses.

She said women and informal sector entrepreneurs remain among groups most affected by limited access to financial services.

“Financial inclusion is not only about access to services, but also ensuring that no group is left behind in benefiting from economic opportunities,” she said.

Meanwhile, AFI Director for Policy, Programmes and Implementation, Eliki Boletawa, underscored the importance of collaboration among member countries in strengthening inclusive financial systems.

He said cooperation among regulators and policymakers is essential in ensuring financial services become more accessible, affordable and responsive to the needs of underserved communities.

The Arusha meeting has convened policymakers, regulators and financial sector stakeholders from across Africa and other regions to discuss strategies aimed at accelerating financial inclusion and building resilient financial systems.