The Ministry of Finance in collaboration with the Financial Sector Managers in the country including Tanzania Association of Microfinance Institutions (TAMFI), has organized the Fourth Celebration of the National Financial Services Week in Mbeya to enable citizens to gain an understanding of financial issues. The celebration took place from 21st to 26th October 2024 at Ruanda Nzovwe stadium, Mbeya Municipal, Mbeya Region of Tanzania. Minister of Education, Science and Technology, Hon. Prof. Adolf Mkenda was the guest of Honor at the opening of the Celebration of Financial Service Week.
The celebration motto was “Financial Education, the Foundation of Economic Development” involved various financial institutions including Banks, Microfinance Institutions, Mobile Network Companies, Pension Funds, Insurance Institutions, Capital Markets, Credit Bureau and Entrepreneurs. The celebration aims to increase the contribution of the Financial Sector to economic growth by using official financial services.
During the celebration, TAMFI had provided financial education to the citizens and students from primary schools, secondary schools, colleges and VETA in the classes prepared by the Ministry of Finance and at TAMFI’s booth. The topics were about the benefits of using official financial services, personal financial management in use, saving as well as the rights and responsibilities of financial services users. Hon professor Mkenda said, the government has succeeded in increasing the contribution of the Financial Sector to economic growth as well as increasing the availability and use of integrated financial services from 65% in 2019 to 76% in 2023. He also mentioned that small financial service providers have been recognized, registered and managed by the Bank of Tanzania which increased access to loans for small and medium enterprises and entrepreneurs.
When closing the celebration, the Commissioner of the Development Department of the Financial Sector, Ministry of Finance, Dr. Charles Mwamwaja said that the education people received from Financial Service Week should change them by abandoning all bad the things they were doing before by following the correct procedure and decisions when dealing with their financial issues. He continued by saying, “Experts say loans are not bad, but before you borrow, you must have goals, don’t borrow because the money is somewhere, borrow with a plan and I believe this is one of the areas to change”. He also insisted that when people take out loans, they should make sure they read the contracts and take copies of the contracts to avoid the various harms caused by loans with strict terms known as bad loans. Dr. Mwamwaja also emphasized on people to use official financial services to ensure that everything they do in their financial activities is formalized.