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National Financial Inclusion Framework (NFIF3) 2023-2028
Goals and Objectives
The National Financial Inclusion Framework (NFIF3) aims to achieve the following goals:
- Leverage existing access: Expand usage of financial services among Tanzanians.
- Deepen the financial sector: Provide a range of products and services tailored to specific needs and preferences.
- Enhance quality: Deliver high-quality financial products and services with convenience, reliability, affordability, and transparency.
Challenges and Opportunities
Despite the goals outlined above, there are several challenges and opportunities that need to be addressed:
Barriers
- Limited smartphone ownership
- Inadequate physical and ICT infrastructure
- Policy and regulatory constraints
- Existence of advanced technology
- Increasing rollout of national identity cards
- Rural electrification
- Linkage of social groups to FSPs (Financial Service Providers)
Opportunities
- Documentation for client onboarding
- Infrastructure for remote electronic-KYC (Know Your Customer)
- Availability of consumer digital data
Enhance Quality of Financial Products and Services
To achieve the goals outlined above, the following key areas need to be focused:
- Deliver high-quality products: Provide financial products and services with convenience, reliability, affordability, and transparency.
- Implement technology and innovations: Raise the quality bar in financial services through technology, research, and financial consumer protection.
- Enhance financial capabilities: Deliver customer-centric financial products and services that enhance the financial capabilities of Tanzanians.
Key Areas of Focus
The following key areas need to be focused on:
Financial Education
- Existence of potential financial educators
- Government support for financial inclusion initiatives
- Broader usage of mobile money services
Financial Infrastructure
- Availability of affordable and appropriate range of financial products and services
- Interoperable digital payment infrastructure
- Digital channels for delivery of financial literacy