Foreign Exchange Rates

Selcom Pesa Advert_110225

Selcom Pesa Advert_110225

Standard Chartered Advert_300125

Standard Chartered Advert_300125

DStv Advert_090724

DStv Advert_090724

Monday, 12 February 2024

BANKERS MEET TO DISCUSS STATE OF FINANCIAL INCLUSION

Bank of Tanzania (BOT) Governor, Emmanuel Tutuba speaks during the Second Conference on Financial Inclusion organised by Tanzania Bankers Association (TBA) in Dar es Salaam recently.
Tanzania Bankers Association (TBA) Chairman, Theobald Sabi (centre) shares views with two of the Association's members, shortly before the opening of TBA's Financial Inclusion Conference held in Dar es Salaam recently.
A cross section of participants who took part in the Second Financial Inclusion Conference.

Tanzania Bankers Association (TBA) has held its Second Conference on Financial Inclusion which brought together stakeholders from the Financial sector, Private sector, Government, Development Partners and the Academia.


With a theme ‘Sustaining Economic Development through Financial Inclusion’ the conference discussed opportunities, challenges and how to intergrate more Tanzanians into the formal banking space.

Speaking during the launch of the conference, Bank of Tanzania Governor, Emmanuel Tutuba said financial inclusion is key in sustainable growth especially if the focus is on providing customer-centric products and services to the existing customers while striving to reach underserved or unreached groups.


“As alluded in the National Financial Inclusion Framework 2023-28, groups which are underserved and are considered as priority segments are women; youth; Micro, Small and Medium Enterprises (MSMEs); persons with disability; and small-holder farmers and fishers. I believe if these groups will be well included in the financial system by addressing the barriers to access and usage, we will experience higher economic growth,” he said.

The Governor also noted that the cost of financial services, be it bank charges, transaction costs or lending rates are acting as barrier to financial inclusion as well as a burden and even a cause of poverty to people.

“I urge all of us to consider this matter in our discussions and propose appropriate measures to curb it. On the side of the Government, we now have in place the Tanzania Instant Payments System (TIPS), whose aim is to enable interoperability and lower transaction costs,” he said.

TBA Chairman, Theobald Sabi said banks have always enjoyed working with the government adding that they were ready and committed to enhance financial inclusion.

“We understand that collaboration is key, and we are actively engaging with Mobile Network Operators (MNOs) and other stakeholders to foster partnerships that can broaden the reach of financial services. 

Embracing Fintech Startups is another avenue we are exploring. Recognizing the dynamism and innovation brought by these startups, we aim to integrate their solutions into our banking ecosystem to create a more inclusive and tech-savvy financial sector,” he said.

No comments:

Post a Comment