Banking of inclusion is good banking

Banking of inclusion is good banking

He urged them to break away from the traditional mould of banking of exclusion to banking of inclusion. Dr Mgimwa, who represented the prime minister, noted that 90 per cent of Tanzanians did not have access to banking and other financial services and that this was ironic given the fact that there were about 45 banks in the country.

The issue of introducing inclusive banking or banking of inclusion needs, therefore, to be addressed with the seriousness it deserves. Banks play a vital role in the economic development of nations. Economists relate a healthy economy to the soundness of a country's banking system. They mobilize people's savings for investment purposes. If there had been no banks, a great portion of a capital of the country would remain idle.

They are a safe place to deposit money. They also pay you interest on a savings account while workers can have their salaries paid into the bank. One could access or get loans or mortgages from them. This new thrust aimed at making more and more Tanzanians open accounts at the various commercial banks should be accompanied by better and user-friendly terms, especially among those in the low income earner group.

Banks must do all that they can to woo more people to open accounts with them. They have the onus to overcome the belief that banks are common-man or poor man-unfriendly. Both the macro-finance and micro-finance subscribers deserve equal treatment in the hand of banks.

They all deserve the best in terms of services as banks bank very much on a healthier deposit base.  Banks could also do a lot to extend financial services to the unbanked population by devising other strategies aimed at incorporating the needs of the non-account holders.

Banks needs customers much as customers need banks. It is a two-way financial traffic. Both have a vital role to play to ensure a country's financial health. Let bankers apply top gear in selling their services more to a wider clientele.

We need to stick to code of ethics  and conduct for public service

PRESIDENT Samia Suluhu Hassan has expressed concern ...

Author: EDITOR

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