Tanzania Launches Second National Financial Inclusion Framework

Date: 
03 Jan 2018

Bank of Tanzania launched its Second National Financial Inclusion Framework (NFIF 2018-2022) on 21 December 2017 in Dar es Salaam, envisioning that "Financial products and services meet the needs of individuals and businesses consistent with supporting livelihood, household resilience and creation of jobs".

"I call upon public and private stakeholders to work closely in implementing the five-year National Financial Inclusion Framework to ensure it is accomplished before the set deadline", said Prime Minister Kassim Majaliwa during the launch. The new framework targets to raise formal financial inclusion to 75% from 65% in 2017.

The First Framework which ended in 2016, focused on building the infrastructure to facilitate citizen’s access to financial services. The framework yielded impressive results, with the percentage of adults with access to formal financial services increasing from 58% in 2013 to 65% in 2017. The usage of informal financial services also reduced from 16% to 7% in the same period.

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Type: 
General
Country: 
Tanzania