What You Need to Know
Tanzania has made remarkable strides in financial inclusion, with banking agents increasing from 40,410 in 2020 to 145,450 in 2024. This growth, alongside a rise in bank branches, reflects the government’s commitment to improving access to financial services, particularly in underserved areas, through digital platforms and technological advancements.
Africa-Press – Tanzania. WITH an increase in the number of bank branches from 969 in 2020 to 1,027 in 2024, while banking agents grew substantially from 40,410 to 145,450 over the same period, Tanzania is making significant progress in financial inclusion through digital systems.
At the same time, it has improved access to financial services for a broader segment of the population, particularly those in underserved areas.
Speaking today, April 9, 2026, during the Financial Sector Stakeholders Forum in Dar es Salaam, Natu Mwamba, the Permanent Secretary in the Ministry of Finance, said technological advancements have accelerated the expansion of financial services and contributed to achieving the objectives of the Financial Sector Development Master Plan and the National Vision 2050.
She noted that the number of banks offering digital financial services has reached 30. In addition, bank branches increased from 969 in 2020 to 1,027 in 2024, while banking agents grew substantially from 40,410 to 145,450 over the same period, indicating deeper penetration of services at the community level.
In efforts to support smaller financial segments, second-tier service providers received financing amounting to 1.37 tri/-, while cooperative societies were allocated 1.6 tri/-.
Dr Mwamba also highlighted an increase in the usage of financial services, rising from an average of 16–23 percent in 2020 to between 26–27 percent in 2024. This trend reflects improved financial inclusion and growing public trust in formal financial systems.
She emphasized that digital platforms, including mobile financial services and electronic payments, are critical pillars in ensuring that services remain secure, sustainable, and widely accessible.
The government has reaffirmed its commitment to continued investment in technology and collaboration with the private sector to further enhance financial services and drive the growth of the digital economy in the country.
In recent years, Tanzania has focused on enhancing financial inclusion as part of its broader economic development strategy. The Financial Sector Development Master Plan aims to increase access to financial services for all citizens, especially those in rural and underserved regions. The government’s investment in digital technology has played a crucial role in this transformation, allowing more people to engage with formal financial systems and fostering economic growth through increased financial literacy and access.
