During the launch of the Tanzania Women in Finance Association (TAWIFA) on March 14, 2024, at Kwanza Resort, Kizimkazi-Zanzibar, President of the United Republic of Tanzania, Her Excellency Dr. Samia Suluhu Hassan, directed both government institutions and the private sector to intensify efforts in providing financial education, especially to rural women, to empower them in managing their budgets effectively and fostering economic growth.
"In rural areas, during harvest seasons, villagers often earn substantial amounts of money. However, due to a lack of financial education, they do not know how to utilize these funds wisely," noted President Samia. She emphasized, "Many end up squandering money on traditional ceremonies such as dances, initiations, and engagements, leading to financial strain in subsequent seasons when harvests may not be as plentiful," underscoring the crucial need for financial literacy among these communities.
Furthermore, President Samia emphasized the importance of ensuring that formal financial services reach all citizens easily to expedite development.
Delivering remarks on behalf of the Central Bank at the event, Deputy Governor (Financial Stability and Financial Sector Oversight) Ms. Sauda Msemo affirmed the stability of the financial sector in the country. She informed President Samia that significant efforts are underway to ensure that formal financial services reach all citizens, particularly those in rural areas.
Citing statistics from the 2023 FINSCOPE survey, Ms. Msemo highlighted a rise in the percentage of Tanzanians using formal financial services from 65% in 2017 to 76% in 2023, with a target of reaching 85% by 2028. Additionally, she expressed the Central Bank's expectation to see 95% of citizens residing within 5 kilometers of financial services by 2028.