Financial Crime World

Tanzania Launches New Financial Inclusion Framework to Fight Crime and Promote Economic Development

Dar es Salaam, Tanzania - A Major Step Towards Financial Inclusion

The United Republic of Tanzania has unveiled its third National Financial Inclusion Framework (NFIF) 2023-2028, aimed at tackling financial exclusion and promoting economic growth while preventing crime. The new framework sets out specific initiatives to empower marginalized groups such as:

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

Focusing on Vulnerable Populations

According to the NFIF, the government has identified these vulnerable populations as critical to improving their participation in economic activities, enhancing their well-being, and driving national economic development. The framework focuses on expanding access to quality formal financial services, particularly for those disproportionately excluded from the financial system.

Launch of Third NFIF: A Response to Financial Exclusion

The launch of the third NFIF comes after the release of the 2023 Tanzania Finscope Demand-side Survey, which highlighted the need for increased financial inclusion in the country. The survey found that many Tanzanians still lack access to affordable financial products and services, making them more susceptible to financial crimes such as fraud and money laundering.

Lessons Learned from Second NFIF Evaluation Report

The government has also released an evaluation report of the second NFIF, which identified successes and challenges in implementing financial inclusion strategies. The report highlights the need for continued support and resources to ensure the successful implementation of the new framework.

A Roadmap for a More Inclusive Financial System

With the launch of the third NFIF, Tanzania is poised to take a significant step towards reducing financial exclusion and promoting economic development while preventing crime. The framework provides a roadmap for stakeholders to work together to create a more inclusive and sustainable financial system that benefits all citizens.

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