Tanzanian youth urged to embrace financial literacy as Coop Bank expands footprint

DAR ES SALAAM: THE Minister of State in  the President’s Office responsible for Youth Development, Joel Nanauka, has called for greater financial education among young people, saying it is a crucial tool for empowering them economically and enabling them to participate effectively in the country’s development agenda.

Nanauka made the remarks yesterday while officiating the launch of a new Cooperative Bank (Coop Bank) branch in Dar es Salaam, the institution’s sixth branch since its establishment.

The launch was accompanied by the signing of a partnership agreement between Coop Bank and the Ministry of Youth Development aimed at equipping young people with financial knowledge and increasing their participation in various development projects.

Speaking during the event, Nanauka described Coop Bank as an important bridge connecting young people with economic opportunities and development initiatives.

“Financial literacy is essential for young people if they are to become economically independent and contribute meaningfully to national development,”

“The government will continue creating a conducive environment that enables youth to participate fully in the country’s economic growth.” he said.

He further urged young people to join formal economic systems and structures, noting that doing so would help them meet requirements for accessing financial services, including credit facilities.

Coop Bank Chief Executive Officer Godfrey Ng’urah said the Dar es Salaam branch is the fourth to be opened this year. He noted that the bank initially launched operations with three branches in Mtwara, Kilimanjaro and Dodoma regions.

ALSO READ: Coop Bank affirms its role in advancing Tanzania’s agribusiness

Ng’urah said the bank plans to open a total of 12 branches before the end of the year as part of its strategy to establish a presence in major commercial centres across the country.

“Our mission is to deliver timely financial solutions to Tanzanians by bringing banking services closer to the people,”.

“Through the cooperative model, we are confident that by 2030 we will have expanded our customer base significantly while using technology to drive youth development and financial inclusion.”he said

He added that Coop Bank remains open to partnerships with government institutions, private organisations and development stakeholders in efforts aimed at accelerating national development.

Chairman of the Coop Bank Board, Dr Joseph Witts, said the cooperative lender is committed to creating opportunities that will help young people improve their economic status.

“Dar es Salaam contributes significantly to the national economy and offers numerous investment and business opportunities,”.

“Opening a branch in the city will make financial services more accessible to investors, entrepreneurs and our growing customer base,” he said

Dr Witts said the bank’s primary objective is to place members’ interests at the centre of its operations while ensuring sustainable growth and expansion.

Meanwhile, Chairman of the Cooperative Development Commission Board, Dr Abulmajid Nsekela, who is also Group Chief Executive Officer of CRDB Bank, described Coop Bank’s continued expansion as a major achievement for Tanzania’s cooperative movement.

“The opening of this branch in Dar es Salaam is a positive development and presents an opportunity to serve the many cooperative societies operating in the city,” he said.

He also emphasized the importance of good governance, effective management and technology-driven services in delivering quality financial solutions to Tanzanians.

Furthermore, Coop Bank currently operates six branches in Dar es Salaam, Dodoma, Moshi, Tabora and two branches in Mtwara.