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Tanzania Aims to Boost Financial Inclusion through Flexibility, Collaboration, and Evidence-Based Approach

Dar es Salaam, Tanzania - The National Financial Inclusion Framework (NFIF) 3 has been launched in Tanzania, aiming to promote financial inclusion by providing an enabling and flexible legal and regulatory framework.

Strategic Objectives

The framework seeks to achieve four strategic objectives:

  • Universal access to financial services and products
  • Expand usage of a broad range of financial products and services
  • Enhance the quality of financial products and services
  • Enhance the financial welfare of individuals and businesses

Challenges

According to the NFIF 3, one of the key challenges hindering financial inclusion in Tanzania is:

  • Limited distribution of financial access points
  • Limited availability of national identification
  • Inadequate physical and ICT infrastructure
  • Policy and regulatory constraints limiting financial inclusion
  • Existence of advanced technology and innovations that can facilitate accessibility

Solutions

To address these challenges, the framework encourages consistent commitment, engagement, and partnership with government, private sector, and other stakeholders to leverage their strength in implementing financial inclusion initiatives. The NFIF 3 also emphasizes the importance of data-driven decision-making, with financial inclusion initiatives implemented based on evidence and incremental learning.

Targets

The framework sets out specific targets for achieving universal access to financial services and products, including:

  • Increasing the number of adult Tanzanians and businesses accessing formal financial services
  • Expanding the availability of national identification
  • Improving physical and ICT infrastructure
  • Leveraging advanced technology and innovations

Deepening the Financial Sector

The framework also recognizes the importance of deepening the financial sector to ensure an adequate supply of financial products and services tailored to meet the specific needs and preferences of individuals and businesses. This includes:

  • Broadening the menu of financial products and services
  • Increasing adoption of digital financial services
  • Improving customer-centricity in financial services

Financial Well-being

In addition, the NFIF 3 emphasizes the need for policymakers and financial service providers to consider people’s and businesses’ financial well-being when designing policies and financial solutions. This includes:

  • Providing affordable and appropriate ranges of financial products and services
  • Ensuring adequate financial consumer protection

Conclusion

The National Financial Inclusion Framework (NFIF) 3 is a critical step towards achieving the country’s vision of becoming a middle-income economy by 2025. By promoting financial inclusion and improving access to financial services, Tanzania can stimulate economic growth, reduce poverty, and improve the overall standard of living for its citizens.

Key Statistics:

  • Only 40% of adult Tanzanians have access to formal financial services
  • 60% of the population lives on less than $3.10 per day
  • Financial inclusion is critical for achieving Tanzania’s vision of becoming a middle-income economy by 2025

Quotes:

  • “The National Financial Inclusion Framework (NFIF) 3 is a critical step towards achieving our vision of becoming a middle-income economy by 2025. By promoting financial inclusion, we can stimulate economic growth, reduce poverty, and improve the overall standard of living for our citizens.” - [Name], Minister of Finance
  • “We are committed to working with stakeholders to leverage their strength in implementing financial inclusion initiatives. We believe that this framework will help us achieve our goal of increasing access to formal financial services.” - [Name], Governor of the Central Bank