BoT intensifies drive for financial inclusion

TANGA: THE Bank of Tanzania (BoT) has stepped up nationwide financial education and awareness programmes, a move aimed at strengthening financial literacy, promoting informed decision-making and accelerating the uptake of formal financial services across the country.

Speaking at the opening of National Financial Services Week, the Director of Financial Deepening and Inclusion, Mr Kennedy Komba, said limited financial literacy remains a major barrier to full financial inclusion, prompting authorities to scale up coordinated education initiatives targeting students and the general public.

Speaking on behalf of BoT Governor Emmanuel Tutuba, Mr Komba said the programmes are being implemented in partnership with the Ministry of Finance, Ministry of Education, Science and Technology, higher learning institutions, financial sector regulators and service providers.

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The initiatives target learners from primary school to university, as well as adults outside the formal education system, focusing on budgeting, savings, responsible borrowing and consumer rights.

By December last year, the BoT said it had partnered with 13 higher learning institutions to accredit 1,167 financial education trainers, who are now delivering public outreach through schools, community forums, media platforms and digital channels.

To enhance consumer protection and transparency, the central bank has introduced practical tools to help the public understand the costs and terms of financial products.

These include complaints-handling systems (SEMA and BoT platforms), a price comparison portal and a loan cost calculator to guide borrowers before taking credit.

Additionally, the BoT has introduced an industry self-regulation framework for Tier II microfinance institutions to enhance service standards and ensure compliance with financial laws.

Mr Komba emphasised that the ongoing financial education campaign aligns with the National Financial Inclusion Strategic Framework (2023–2028) and the Financial Sector Development Master Plan (2020– 2030), which prioritise awareness, transparency and access to affordable financial services.

The National Financial Services Week was officially opened by Deputy Minister for Finance, Laurent Luswetula, on behalf of Finance Minister Ambassador Khamis Mussa Omar.

The event serves as a platform to promote financial literacy as a critical foundation for inclusive economic growth and strengthening household financial resilience.