{"id":150409,"date":"2026-04-07T15:54:43","date_gmt":"2026-04-07T15:54:43","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-boosts-safe-productive-borrowing-drive"},"modified":"2026-04-07T16:45:18","modified_gmt":"2026-04-07T16:45:18","slug":"bot-boosts-safe-productive-borrowing-drive","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-boosts-safe-productive-borrowing-drive","title":{"rendered":"BoT boosts safe, productive borrowing drive"},"content":{"rendered":"<p><span class=\"ap-article-header-tag\"> <strong>Africa-Press &#8211; Tanzania. <\/strong> <\/span>BANK of Tanzania (BoT) has intensified a nationwide campaign to promote safe and responsible borrowing, as part of broader efforts to strengthen financial literacy and protection loan sharks.<\/p>\n<p>Through a three-week awareness initiative dubbed \u201cBe Aware, Avoid Harm, and Borrow for Development,\u201d the central bank is equipping the public with practical knowledge on how to make informed borrowing decisions, while reinforcing the importance of engaging only with regulated financial service providers.<\/p>\n<p>BoT\u2019s Assistant Manager for Microfinance Services, Ms Mary Ngassa said the campaign is currently being rolled out across multiple neighbourhoods, particularly in high-traffic areas and zones suspected to host unregistered lenders.<\/p>\n<p>The targeted outreach reflects growing concern over the rise of informal credit providers who often impose unfair terms on unsuspecting borrowers.<\/p>\n<p>\u201cThis campaign aims to eliminate harmful and exploitative loans. Many people suffer due to limited awareness of their rights and a lack of understanding on how to respond to unfair lending practices,\u201d she said, noting that financial education remains a key tool in reducing vulnerability.<\/p>\n<p>She added that the initiative seeks not only to raise awareness but also to empower citizens with the confidence to question loan conditions and avoid entering into agreements that could jeopardise their financial stability.<\/p>\n<p>The campaign has already covered several areas in Ilemela District, including Buseru, Pasiansi, Nyakato National and Nyamongolo Centre, reaching diverse groups ranging from small traders to informal sector workers.<\/p>\n<p>BoT Manager of Economics, Mwanza-Branch Mr Issa Pagali, said the campaign forms part of the central bank\u2019s wider strategy to deepen financial inclusion while safeguarding consumers within the expanding credit market.<\/p>\n<p>He noted that as access to financial services expands, so does the need for robust consumer protection mechanisms, particularly in the microfinance segment, where regulatory gaps can expose borrowers to predatory practices.<\/p>\n<p>Mr Pagali emphasised that the campaign\u2019s effectiveness depends on public understanding of key borrowing principles, including verifying lender legitimacy, carefully reviewing loan terms and conditions, and realistically assessing repayment capacity before taking on debt.<\/p>\n<p>\u201cThe message is simple yet powerful: people must deal only with licensed lenders, understand the cost of borrowing, and be fully aware of the consequences of default or delayed repayment,\u201d he said.<\/p>\n<p>He further called on financial service providers to strictly comply with licensing and regulatory requirements, warning that failure to do so undermines consumer trust and threatens the stability of the financial system. For many residents, the campaign is already having a tangible impact.<\/p>\n<p>Mr Idrissa Shija, a Mwanza resident, said the initiative has changed his approach to borrowing, particularly after past experiences with unregistered lenders.<\/p>\n<p>\u201cI have learned to be more cautious. Before, I didn\u2019t fully understand the risks, but now I know the importance of verifying where I borrow and understanding the terms,\u201d he said.<\/p>\n<p>As the campaign continues, BoT hopes the increased awareness will not only curb exploitative lending but also foster a culture of responsible borrowing\u2014one that supports productive investment and long-term financial wellbeing among Tanzanians.<\/p>\n<p class=\"ap-article-footer-note\">Find more news and analyses on <span class=\"ap-highlight-country\">Tanzania<\/span> on the <span class=\"ap-highlight-brand\">Africa Press<\/span> website<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Tanzania. BANK of Tanzania (BoT) has intensified a nationwide campaign to promote safe and responsible borrowing, as part of broader efforts to strengthen financial literacy and protection loan sharks. Through a three-week awareness initiative dubbed \u201cBe Aware, Avoid Harm, and Borrow for Development,\u201d the central bank is equipping the public with practical knowledge [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":150408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[711],"class_list":["post-150409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-tanzania"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BoT boosts safe, productive borrowing drive - Tanzania<\/title>\n<meta name=\"description\" content=\"-article-header-tag&quot;&gt; Africa-Press - Tanzania. 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