Financial information gap limits women’s wealth building

DAR ES SALAAM: THE lack of financial information is limiting women’s ability to access banking and investment opportunities, constraining efforts to build wealth and strengthen their financial security.

Founder and Director of Accelerate Women, Ms Bernice Fernandes, said many women hold bank accounts but lack adequate knowledge of financial products and investment options that could improve their financial position.

“Women need information, access and opportunities,” Ms Fernandes said.

She was speaking over the weekend at a financial education and investment forum dubbed “Money Talk: Women & Wealth, Road to Financial Freedom,” held at the Dar es Salaam Stock Exchange (DSE) at Morocco Square. The event brought together more than 100 women.

The forum sought to equip participants with practical knowledge on money management, banking and investment opportunities.

Ms Fernandes said discussions showed that while some women had limited knowledge of investment, others had basic understanding but wanted to deepen their financial knowledge.

She said many women were also unaware of financial products tailored to their needs, including banking services offering low or no charges for certain transactions.

The information gap, she said, could prevent women from comparing financial institutions and selecting products that best suited their needs.

Ms Fernandes urged banks and other financial institutions to bring financial education closer to women, saying greater knowledge would help them make informed financial decisions and contribute to household and economic development.

For his part, DSE Information and Communication Technology Manager and event facilitator, Mr David Kyando, encouraged women to embrace investment as a way of building long-term financial security.

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He urged women to increase participation in shares, bonds and government securities, saying investment was not reserved for wealthy people.

“Investment is not only for people with a lot of money, it is for everyone,” he said, urging people to adopt financial habits that allow savings to grow and generate returns.

Mr Kyando noted that women’s participation in stock and capital markets remained lower than men’s, highlighting the need for greater financial education and awareness.

Ms Fernandes said improving women’s understanding of financial products could also encourage greater participation in formal financial services, particularly savings, investment and credit facilities.

She called for stronger collaboration between financial institutions and women-focused organisations to provide practical and accessible financial education.

She said empowering women with financial knowledge would not only strengthen individual financial resilience but also support entrepreneurship, investment and broader economic participation.

Increased access to information, she added, could help women make better use of available financial opportunities and plan for long-term financial independence.