Tanzania Launches Third National Financial Inclusion Framework

Boosting Crime Prevention and Economic Development

Dar es Salaam, August 21, 2023 – The United Republic of Tanzania has launched its third National Financial Inclusion Framework (NFIF) for the period 2023-2028, aiming to promote financial inclusion and crime prevention.

Improving Participation in Economic Activities

The new framework is designed to improve the participation of underprivileged groups such as:

Women
Youth
Micro, small and medium-sized enterprises (MSMEs)
Smallholder farmers and fishers
Persons with disabilities

By enhancing their overall well-being and contributing to Tanzania’s national economic development.

Key Objectives

The NFIF will focus on:

Expanding access to quality formal financial services for disproportionately excluded population segments
Providing a broad range of affordable financial products and services that promote financial health

Addressing the Needs of Underprivileged Groups

According to the 2023 Tanzania Finscope Demand-side Survey and the Evaluation Report of the second NFIF, there is still a significant gap in financial inclusion in the country. The new framework aims to bridge this gap by implementing specific initiatives tailored to address the needs of these underprivileged groups.

Reducing Crime

By increasing access to financial services, the government hopes to reduce the incidence of crimes such as:

Fraud
Money laundering

which often target vulnerable individuals who lack access to formal financial channels.

Global Support

The Alliance for Financial Inclusion has welcomed the launch of the third NFIF, citing it as a positive development towards achieving global financial inclusion goals.