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TANZANIA LAUNCHES NEW FRAMEWORK TO BOOST FINANCIAL INCLUSION

DAR ES SALAAM, TANZANIA - The United Republic of Tanzania has made a significant stride towards financial inclusion with the launch of its third National Financial Inclusion Framework (NFIF) 2023-2028.

New Framework Sets Ambitious Targets

The new framework sets ambitious targets to improve access to financial services for marginalized groups, including:

  • Women: Increasing their participation in the economy and improving their socio-economic status.
  • Youth: Enhancing their access to financial services and promoting entrepreneurship among them.
  • Small and Medium-Sized Enterprises (SMEs): Improving their access to credit, savings, and insurance products.
  • Farmers: Increasing their access to financial services and improving their agricultural productivity.
  • People with Disabilities: Enhancing their access to financial services and promoting their economic participation.

Initiatives to Promote Financial Inclusion

The framework outlines specific initiatives to address the needs of these vulnerable populations, including:

  • Expanding Access to Quality Formal Financial Services: Increasing the availability and accessibility of financial services.
  • Affordable Products: Developing and offering affordable financial products and services.
  • Digital Financial Services: Increasing usage of digital financial services.
  • Financial Literacy and Education: Enhancing financial literacy and education among the population.

Launch of Third NFIF Marks a Major Milestone

The launch of the third NFIF is seen as a major milestone in Tanzania’s efforts to achieve financial inclusion. The framework builds on previous initiatives, including:

  • Evaluation Report of the Second NFIF: Providing valuable insights into the country’s financial landscape.
  • 2023 Tanzania Finscope Demand-Side Survey: Informing policy decisions and enhancing financial inclusion.

Conclusion

With the new framework in place, Tanzania is well-positioned to make significant progress towards its goal of financial inclusion, ultimately contributing to a more stable and prosperous economy.