Why financial inclusion in Tanzania remains a big challenge --[Reported by Umva mag]

• Less than 40% of adult population in Tanzania has bank accounts.
• Central Bank aims to increase integrated financial services access to 80% by 2028.
• Lack of collateral affecting disadvantaged populations from accessing bank credit.

Financial inclusion in Tanzania has increased considerably but with less than 40 per cent of the adult population having an account at financial institution, a pointer that policymakers in the country have a lot of work to do. To this end, the government, through the Bank of Tanzania (BoT), has announced plans to increase integrated financial services access to 80 per cent of the population by 2028.

BoT Deputy Governor, Ms. Sauda Kassim Msemo recently told media that financial services inclusion is crucial for sustainable economic growth of the East African nation. “The government continues to create a conducive investment environment, but we need to grow financial inclusion, especially access to banking,” she said.

She pointed …

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