MOSHI: THE FinScope Tanzania 2023 survey, conducted by the Financial Sector Development Trust (FSDT) has indicated that the use of financial services in the country has increased from 65 per cent in 2017 to 76 per cent in 2023.
This was revealed recently, by the Kilimanjaro Regional Commissioner, Mr Nurdin Babu, when opening a seminar organised to present results of the survey to different development and financial stakeholders in the country held in Moshi, Kilimanjaro Region.
FinScope Tanzania is a comprehensive survey of the financial sector on the consumer side among Tanzanians aged 16 and above.
Mr Babu said that according to the results of the study, during the same period, the use of financial services through mobile networks has increased from 60 per cent to 72 per cent.
“The use of financial services through banks has increased from 17 per cent in 2017 to 75 per cent by 2023, while mobile phone ownership as a means of using them for financial services has increased from 63 per cent in 2017 to 75 per cent in 2023”, he noted.
Commenting on the findings, the RC said they are of great importance to the nation, noting that they serve as key indicators of how people utilise financial institutions.
He explained that this data would reveal the extent to which financial services are being accessed and used by individuals across the country.
“This seminar is a valuable opportunity for all stakeholders in the country’s financial sector. It is crucial for all relevant authorities participating in this seminar to ensure that the findings of this study reach a wide audience in Tanzania.
This will play a significant role in achieving the goal of serving citizens effectively while contributing to the overall development of the financial sector in the country,” he said.
Speaking on behalf of the Chief Government Statistician Dr Alibina Chuwa, a Statistician Mr Stephano Cosmas said the survey was conducted by FSDT in collaboration with a committee of financial experts led by the National Bureau of Statistics (NBS) and the Office of the Chief Government Statistician of Zanzibar (OCGS).
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He said, among other things, the seminar aimed to present the results of the FinScope Tanzania 2023 survey at the regional and zonal levels in order to help development stakeholders including economists and statisticians understand in depth the financial sector in the country.
On his part, FSDT’s Monitoring and Evaluation Manager Mr Emmanuel Mwamakula said that the results of the survey will be an important tool in educating many Tanzanians about the importance of using financial institutions for their development.
He said the survey revealed that many Tanzanians still do not use financial services provided by formal institutions such as banks, which has led them to face the challenges of losing a lot of money and other assets.
“For example, individuals who do not use formal financial institutions often resort to obtaining loans from informal sources.
As a result, their assets, such as houses, are sometimes seized and sold to repay the loans acquired from these informal financial institutions,” he said.
