Arusha is set to host the National Financial Services Week (NFSW) next week, bringing together local and foreign stakeholders from the financial sector. The event, which runs from November 20 to 26 at the Sheikh Amri Abeid grounds, is dedicated to providing essential financial education to the public.
Dr. Charles Mwamaja, the Commissioner for Financial Sector Development in the Ministry of Finance, highlighted that the NFSW aims to convene a diverse range of participants, including public servants, students, teachers, lecturers, women, youth, people with special needs, small and medium enterprises (MSMEs), civil society, media, financial service providers, children, and the general public.
The primary objectives of the NFSW are manifold. Dr. Mwamaja emphasized that the event seeks to raise awareness and professionalism among the public regarding the proper use of financial services to foster economic growth and reduce poverty. It also aims to enhance the efficiency of financial markets through financial education, increase access to financial services, and provide education on consumer protection for users of financial services.
Furthermore, the NFSW endeavors to equip the general public with the skills to manage their financial resources effectively, enable small entrepreneurs to expand their knowledge of financial services for business development, promote a culture of saving, responsible borrowing, and debt management, and boost the contribution of the Financial Sector to the country's economic growth.
Dr. Mwamaja noted that the NFSW aligns with the objectives outlined in the Financial Sector Development Master Plan 2020/21 – 2029/30, emphasizing that public education stands as a priority in the plan's implementation.
He stated, "In the implementation phase, the Ministry of Finance has prepared the Financial Education Program for 2021/22-2025/26. This program has set strategies, including various events and methods that will be used in the provision of financial education to the public.
One of the strategies is conducting the Financial Services Week in October/November every year, where financial education is provided to the general public through various means."
In accordance with the Financial Education Program, the government aims to ensure that approximately 80 percent of the general public will have a basic understanding of financial matters by the year 2025, as highlighted by Dionisia Mjema, Deputy Commissioner for Financial Sector Development.
However, the FinScope Survey of 2023 indicates that only 53.8 percent of the workforce currently utilizes formal financial services in Tanzania. This underscores the need for initiatives like NFSW to bridge the gap and empower a larger segment of the population to access financial services and improve their livelihoods, contributing to the nation's GDP growth and overall economic development.