BoT urges farmers to embrace formal finance
MWANZA: THE Bank of Tanzania (BoT) has urged farmers, livestock keepers and fishermen to embrace formal financial services to boost productivity, access reliable markets and support sustainable economic growth.
The call was made yesterday by the Director of the BoT Mwanza Branch, Ms Upendo Mwakatumbula, during the opening of the Agriculture Exhibition and Farmers’ Day (Nane Nane) celebrations at the Nyamhongolo grounds in Ilemela Municipality, Mwanza Region.
Ms Mwakatumbula said using formal financial systems enables farmers, livestock keepers and fishermen to receive timely payments, secure better prices for their produce and conduct safer transactions.
She also encouraged farmers to market their produce through formal channels to access reliable markets while continuing to work closely with agricultural extension officers and cooperative societies to address production and marketing challenges.
BoT is the main sponsor of this year’s exhibition, held under the theme: “Know the Market: Increase Productivity to Achieve the National Vision 2050.” She said the BoT Mwanza Branch serves Mwanza, Shinyanga, Mara, Simiyu, Geita, Kagera and Kigoma regions, with its core mandate being to formulate and implement monetary policy aimed at controlling inflation and supporting sustainable economic growth.
“The responsibilities of the central bank are not limited to handling money, as many people believe, but also include supervising financial institutions and payment systems, safeguarding the country’s foreign exchange reserves and providing professional advice to the government on economic policies,” she said.
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Ms Mwakatumbula added that the central bank also regulates banks and other financial institutions, oversees the security of payment systems, prints and distributes banknotes and coins, and safeguards deposits belonging to the government and commercial banks.
She urged members of the public to use the exhibition to learn modern farming practices, explore new technologies and exchange experiences that will contribute to national food self-sufficiency.
She said BoT will continue strengthening its capacity to support economic development, provide financial education in simple language, encourage financial institutions to reduce reliance on collateral requirements and strengthen the country’s foreign exchange reserves.
Speaking at the event, Geita Regional Administrative Secretary, Mr Mohamedi Mgombati, urged residents of the Lake Zone to use BOTregulated financial institutions to expand their businesses and improve financial literacy.
The Western Lake Zone Nane Nane celebrations have brought together stakeholders from the agriculture, livestock and fisheries sectors in Mwanza and Geita regions to showcase modern technologies and innovative production methods.
