NMB PROMOTES SAVINGS CULTURE AMONG CHILDREN

PARENTS have been implored on cultivating savings culture on their children that will assure bright future and contribute to economic growth.

Health, Community Development, Gender, Elderly and Children Minister, Ummy Mwalimu said in Dar es Salaam yesterday that saving guarantee covering education expenses for children which is one of their important rights.

“Financial planning and saving for children’s future is one of the important obligations of all parents in the country that will also support government endeavours to produce more experts necessary for economic development,” she said in an event to create more awareness on WAJIBU proposition that constitute of NMB Chipukizi and NMB Mtoto Accounts.

She commended NMB initiative in boosting financial literacy from the primary levels of education that could help children well informed on the importance of savings improved livelihood and the country’s economic growth.

The minister pledged government support to NMB initiatives in promoting financial literacy and inclusion in the country resulting into more people accessing financial services. Currently, only 16 per cent of Tanzanians access formal banking services while formal inclusion rose to 65 per cent in 2017 from 14 per cent in 2013.

Ms Mwalimu asked NMB bank to link the accounts under WAJIBU proposition with the TOTO Afya card, a health insurance product under the National Health Insurance Fund (NHIF).

Earlier, the NMB Managing Director, Ms Ineke Bussemaker underscored the need for valuing financial planning and saving for young people in the country that would ultimately contribute to economic growth.

“Financial planning and saving is important for paying school and college fees thus shaping the children’s future,” she said. She added that saving was very important also for bank in boosting its capacity to lend to micro and small business which are important in jobs creation and economic growth.

Having a bank account was in itself insufficient if it does not serve and help in covering future needs and in particular children’s education. She said NMB was creating awareness on its NMB Chipukizi account which is the first teen account to be introduced in the country.

By increasing the financial access and capability of youth helps the bank fulfills its mission to build a savings culture.

DailyNews