Tanzania surpasses financial inclusion target

Monday, June 1, 2015

TANZANIA has surpassed its financial inclusion target of 50 per cent, some two years ahead of deadline in 2016, thanks to mobile transaction platform.

The Bank of Tanzania (BoT) is now working on a new goal after the country registered a financial inclusion of 55 per cent in 2014 well ahead of Maya (Mexico) declaration of attaining 50 per cent by 2015.

BoT Deputy Governor, Mr Juma Reli, said the central bank set a target of 50 per cent inclusion some four years ago but mobile transaction enabled them to overtake the target well ahead of time.

“We didn’t underestimate our target, the mobile phone transactions surprised us,” Mr Reli told the ‘Daily News’ at the sideline of the 21st World Savings and Retail banking Institute Africa region meeting.

The BoT singled out mobile phones as “one of the most critical links for this phenomenal success” between the unbanked population and financial services.

Source: Daily News (link opens in a new window)

financial inclusion, mobile finance