Financial services in Tanzania are provided by several institutional types – which can broadly be grouped into formal, semi-formal, and informal.
The National Financial Inclusion Framework sets the stage for the Financial Inclusion vision based on the concrete improvements that the country would like to see in the lives of all Tanzanians through the use of financial services. It galvanizes all relevant stakeholders in financial services under one common vision of success and provides strategic direction for all initiatives for Financial Inclusion in the country. The working definition of Financial Inclusion for Tanzania entails the “regular use of financial services, through payment infrastructures to manage cash flows and mitigate shocks, which are delivered by formal providers through a range of appropriate services with dignity and fairness”.
A National Financial Education Framework was developed and approved by the Government of Tanzania in 2011. The development of the Framework was commissioned by the Bank of Tanzania with support from the Financial Sector Deepening Trust (FSDT), Tanzania. The Framework comprised several components, namely: an organisational structure and stakeholder strategy; a high-level public financial education consumer strategy; an implementation plan and a monitoring and evaluation framework. It also identified the need for setting a national financial capability baseline against which progress in the levels of financial capability could be measured over time.
The National Financial Education Framework was developed and approved by the Government of Tanzania in 2011. The Framework identified the need for conducting a National Financial Capability Baseline with the following objectives:
This is the geography of financial access points in Tanzania. In keeping with its mission of tracking and promoting financial inclusion, more specifically the proximity of financial services, the FSDT in partnership with the Bank of Tanzania, has completed the second census of financial access points in the country