Call to embrace Faida Fund grows

DAR ES SALAAM: THE government is stepping up efforts to promote the Faida Fund among civil servants and the public, seeking to deepen a savings culture and widen access to investment opportunities offering competitive returns.

Deputy Minister in the President’s Office, Public Service Management and Good Governance, Regina Qwaray, said the fund provides workers with a flexible way to build retirement savings while earning returns on their investments.

Speaking during a recent visit to Watumishi Housing Investments (WHI), Qwaray urged Tanzanians to understand the fund’s benefits and use it to strengthen their long-term financial security.

“Faida Fund is a valuable investment opportunity. It helps civil servants prepare for retirement while growing their savings through attractive returns. I encourage all Tanzanians to join and benefit,” she said.

The fund allows contributors to access their savings after 90 days when necessary, making it an option for workers seeking both investment growth and some liquidity.

Qwaray said the scheme could help low and middle-income earners develop a stronger culture of saving and investment while allowing them to participate in the growth of Tanzania’s financial sector.

She also commended WHI for introducing digital platforms that enable customers to register, invest and access services remotely, reducing the need to visit its offices.

WHI Acting Chief Executive, Architect Sephania Solomon, said the fund had continued to expand, with its total value reaching 112bn/- and an annual return of 13 per cent.

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The growth highlights increasing demand for investment products that can provide returns while supporting longer-term financial planning.

Solomon said WHI would intensify public awareness campaigns to reach potential investors in both rural and urban areas.

He said wider participation could help more Tanzanians benefit from the fund while strengthening domestic savings and investment.

Membership in Faida Fund also gives investors opportunities to access WHI housing projects, linking savings and investment with potential home ownership, Solomon said.

The government’s push comes as Tanzania seeks to expand financial inclusion and encourage households to move beyond traditional savings towards investment products capable of generating returns and supporting wealth accumulation.