FINANCIAL SECTOR GAINS MOMENTUM AS GOVERNMENT EXPANDS FINANCIAL LITERACY SERVICES TO CITIZENS

 

The Government of the United Republic of Tanzania continues to strengthen the financial sector and bring financial services closer to citizens in response to rapid economic and technological changes, with the aim of promoting social welfare and national development.

This was highlighted on January 21, 2026, during the official opening of the National Financial Services Week held at Usagara Grounds in Tanga City.

Speaking at the opening ceremony on behalf of the Minister for Finance, the Deputy Minister for Finance, Hon. Laurent Luswetula (MP), said the Government has established an enabling environment through various policies, laws and strategic programmes. These include the Financial Sector Development Master Plan, the National Financial Literacy Framework and the Financial Inclusion Programme, all of which have significantly contributed to the growth and stability of the financial sector in Tanzania.

He noted that as of September 2025, Tanzania had 35 commercial banks, two development banks, three microfinance banks and more than 2,800 microfinance institutions. In addition, the number of bank agents had exceeded 145,000 nationwide. The banking sector’s total assets had reached TZS 71.8 trillion, deposits TZS 50.2 trillion, and private sector credit TZS 42 trillion an indication of a strengthening economy and increased investment activity.

Hon. Luswetula further stated that the insurance sector and capital markets have continued to expand, adding that Tanzania has been removed from the European Union’s list of high-risk financial jurisdictions as well as the Financial Action Task Force (FATF) grey list. This development is expected to ease international financial transactions and attract more foreign investment starting January 29, 2026.

Representing the Permanent Secretary of the Ministry of Finance, Dr. Natu El-Maamry Mwamba, the Acting Commissioner for Financial Sector Development, Ms. Dionisia Mjema, said the National Financial Services Week provides a vital platform for enhancing public awareness of financial matters, expanding access to financial services and supporting national economic growth.

She explained that the event forms part of the implementation of the Financial Sector Development Master Plan (2020/21–2029/30) and the National Public Financial Education Programme, which aims to equip citizens with knowledge on personal financial management, savings, credit, investment, insurance, taxation and other key financial issues.

Ms. Mjema emphasized that the main objectives include improving financial awareness among citizens, supporting small and medium enterprises, strengthening a culture of saving and timely loan repayment, and increasing the contribution of the financial sector to overall economic growth. She stressed that all financial education services provided during the week are free of charge.

Meanwhile, the Tanga District Commissioner, Hon. Dadi Kolimba, speaking on behalf of the Regional Commissioner, Hon. Ambassador Dr. Batilda Burian, said Tanga Region has received more than TZS 3.1 trillion for development projects during President Samia Suluhu Hassan’s first term. These funds have supported major infrastructure initiatives, including the modernization of the Port of Tanga, which has led to increased cargo handling capacity, revenue generation and employment opportunities.

He added that the region’s Gross Regional Product increased to TZS 9.5 trillion in 2024, placing Tanga sixth nationally in the fight against poverty.

Hon. Kolimba noted that the financial sector remains a key pillar of the regional economy, with Tanga hosting 10 major banks and 355 microfinance institutions. He added that loans amounting to more than TZS 6.8 billion have been disbursed to women, youth and persons with disabilities.

He acknowledged that limited financial literacy among some citizens remains a challenge, expressing confidence that the National Financial Services Week will significantly enhance public understanding and promote the effective use of financial services across the region.