THE government launched a ten-year financial sector development master plan, that among others, intends to develop a more resilient, competitive and dynamic financial system.
The master plan was launched by the Ministry of Finance and Planning Deputy Permanent Secretary, Ms Mary Maganga, to further support and contribute positively in the growth of the economy and poverty reduction.
residing over the inauguration on behalf of the Permanent Secretary, Ms Maganga said the master plan 2020/21 to 2029/30 wants to create a stable, sound, efficient and inclusive financial sector, adding: “We want to have in place a financial sector that will contribute significantly in resource mobilization for economic growth of the nation.”
She said despite the achievements made by the financial sector reforms, the sector is still facing challenges and limitations including inadequate access to financial services in urban and rural population.
Ms Maganga cited other challenges as inadequate legal regime and supervisory framework for financial consumer protection, limited supply of long-term development finance, financial system vulnerability and risk associated with money laundering.
“To address the challenges, the ministry has developed the financial sector development master plan that will be implemented for a period of four years from 2020/21 to 2029/30,” said the Deputy Permanent Secretary.
The focus of the master plan will be on financial inclusion, financial consumer protection, financial stability, long term development finance, financial sector regional and international cooperation, financial integrity and policy, legal and regulatory frameworks.
The master plan embraces new thinking and innovative ways of institutional coordination to support the realization of the Tanzania Development Vision 2025 and to attain the middle-income status with semiindustrialised economy.
Earlier, Commissioner for financial sector development in the Ministry of Finance and Planning, Dr Charles Mwamwaja said the financial sector development is key and would stimulate economic growth and reduce poverty.
He said the government has been taking a number of reforms since 1990s with the goal of developing a sound market oriented with financial system to support economic growth.