DAR ES SALAAM: BANK of Tanzania (BoT) on Monday launched a curriculum to enhance public education on proper financial management which will lead to financial freedom.
The curriculum for certified financial educators is based on five major modules including financial numeracy skills, financial ecosystem, money management, personal financial protection, and financial obligations, and is part of the central bank’s obligation to promote financial stability.
BoT’s Governor, Mr Emmanuel Tutuba said the programme aims to enhance financial management and it remains a key factor to the public that will enable the public to have total control of the finances.
He said amongst other factors, little knowledge of finance leads to a failure of suitable utilisation of money especially to those who are borrowing money for personal use instead of productivity.
“As one of the resolutions from the previous meeting, we agreed that before this year ends, there should be a programme to educate certified financial educators…We are proud to have achieved it today,” said Mr Tutuba.
He said the curriculum to a larger extent will contribute to the reduction of financial challenges such as non-performing loans (NPLs) which are possibly attributed to little knowledge of finance.
Furthermore, the BoT boss noted numerous directives to ensure that the intended purpose is reached including transparency, where he said that people should be informed about the contract requirements including issues of interest rates and loan duration before signing the contract.
Earlier, the BoT Deputy Governor Ms Sauda Msemo said the programme is an implementation of the previous meeting of the National Council for Financial Inclusion which directed numerous objectives including the implementation of the awareness programme which will lead to proper financial management which is still a global challenge.
According to this year’s Organisation for Economic Cooperation and Development (OECD) report on financial education for adults, 63 per cent of the developed countries’ members have financial knowledge.