THE National Financial Inclusion Framework (NFIF) coordinated by the Bank of Tanzania (BoT) is targeting to increase access to financial services for adult population to 92 per cent by 2022 from 86 per cent in 2017 as well as usage of financial services to 75 per cent from 65 per cent.
The BoT Annual Report 2018/19 said the initiative also aims at increasing usage of financial services by women, from 61 per cent in 2017 to 73 per cent by 2022.
Besides, to address the issue of financial capability, which influences usage of financial services, the National Council for Financial Inclusion is implementing the National Financial Education Framework (NFEF 2016/20).
The central bank said in its report that to achieve the set up targets, the Financial Education Consumer Strategy was developed to address proper approaches to deliver financial education to different segments of the population.
Also a mapping exercise was conducted in order to identify key stakeholders for delivering financial education programmes.
Other measures taken were the engagement of the government incorporating financial education in mainstream school curricula.
The framework aims at among other things, safeguarding interests of consumers of financial services in the country.
In order to accommodate and promote data disaggregation among financial inclusion stakeholders, the Bank finalized development of a comprehensive financial inclusion database.
Further, development of Financial Services Registry, a system to register and keep track of financial services access points, was on progress.
The system aims at providing functionality that not only allows capturing, storing, reporting and analysing financial access point’s data, but also enables integration with other stakeholders’ existing systems.
The registry will also serve as a national system for tracking growth and distribution of financial access points in order to inform the key stakeholders on financial inclusion and the public in general.
