Govt backs private sector’s financial literacy

DAR ES SALAAM: THE government has endorsed greater private sector involvement in improving financial literacy, saying better-informed consumers are essential to supporting investment, financial inclusion and the transition to a digital economy.

Information, Culture, Arts and Sports Minister Paul Makonda said this yesterday while launching the fourth season of CRDB Bank’s Zogo Mchongo financial education programme, describing public financial education as critical to helping Tanzanians make informed financial decisions and seize investment opportunities.

Makonda said initiatives that equip people with financial knowledge extend beyond serving individual bank customers by strengthening the broader economy through increased savings, responsible borrowing and informed investment decisions.

“The financial education provided through this programme benefits not only the bank’s customers but all Tanzanians. A financially informed society is better positioned to invest wisely, protect its capital and contribute to stronger economic growth,” he said.

CRDB Bank Group Managing Director and Chief Executive Officer Abdulmajid Nsekela said growing adoption of digital financial services and artificial intelligence has increased the need for financial education to ensure consumers use financial products safely and responsibly.

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“As the world becomes increasingly digital, the need for financial education continues to grow. While financial services are becoming more accessible, people also need the knowledge and skills to use them responsibly,” Dr Nsekela said.

He said the bank’s financial inclusion strategy focuses not only on expanding access to banking services but also on building financial capability through education on budgeting, saving, investing and responsible borrowing.

The new eight-episode season, produced in partnership with Clouds Media Group, introduces “Elle”, an artificial intelligencepowered digital assistant designed to enhance the delivery of financial education.

The programme will also explore business and investment opportunities linked to major international events expected in Tanzania next year, including the Africa Cup of Nations and the Miss World competition.

The initiative forms part of CRDB Bank’s broader efforts to promote financial inclusion and prepare Tanzanians to benefit from opportunities emerging in the country’s increasingly digital economy