The government of Tanzania recently launched its second five-year National Financial Inclusion Framework with the aim of helping boost the country to middle-income status by 2025 by shifting focus from access to financial services to the usage of those services, especially by youth and women. By 2022, benchmarks include increasing the usage of formal financial services from 65 percent to 75 percent of the population and the usage of insurance from 15 percent to 50 percent. Additional locations for accessing financial services would raise the share of people deemed close to such access points from 86 percent to 90 percent.
Part of the plan is to increase financial literacy and promote savings through rural radio stations and the primary school curriculum. Other strategies include establishing inter-operable digital payment systems, a collateral registry and a credit bureau. The implementation of this infrastructure is to be facilitated by the provision of national identification cards to all citizens.
Sources and Additional Resources
Daily News (Tanzania)
https://dailynews.co.tz/index.php/home-news/54961-second-financial-framework-to-push-industrial-agenda
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