Financial Education: A Cornerstone for Economic Development
In the heart of Arusha, at the renowned Sheikh Amri Abeid Stadium, the Financial Services Sector Week unfolded from November 20 – 26, 2023, leaving an indelible mark on the landscape of financial literacy. With the theme “Elimu ya Fedha, Msingi wa Maendeleo ya Kiuchumi” (Financial Education, the Foundation for Economic Development), this annual event, falling under the Ministry of Finance and Planning’s Public Education Program 2021/22 – 2025/26, aimed to catalyze economic progress through widespread financial education.
The Prime Minister Takes the Helm:
Guest of Honour – Hon. Kassim Majaliwa Majaliwa
A significant milestone was achieved as the Prime Minister, Hon. Kassim Majaliwa Majaliwa, graced the event as the Guest of Honour. His presence underscored the government’s commitment to fostering financial education as a key driver for economic development.
A Confluence of Financial Expertise:
Dignitaries and Delegates
Joining the Prime Minister were dignitaries from the Ministry of Finance and Planning led by the Minister of Finance and Planning, Hon. Mwigulu Nchemba, including representatives from the esteemed Bank of Tanzania led by Governor Mr. Emmanuel Tutuba, the Bank of Tanzania delegation brought a wealth of financial expertise to the festival.
Representation Across Financial Tiers:
From Commercial Banks to CMGs – A Comprehensive Gathering
The festival brought together a diverse array of financial institutions, aligning with the tiers outlined in the 2018 Microfinance Act. Participants ranged from Commercial Banks, Microfinance Banks, Non-Deposit taking institutions, SACCOS, VICOBA, Insurance, Credit Bureaus, Capital Markets, Dar es Salaam Stock Exchange, to Pension Funds. The inclusive list also featured Mobile telephone service providers and Entrepreneurs, both large and small.
Targeting Communities, Empowering Lives:
Arusha and Beyond
The festival’s impact extended beyond the stadium to reach different communities within Arusha and its outskirts. Recognizing the pivotal role communities play in economic development, the festival aimed to directly engage and empower individuals with financial knowledge.
TAMFI: A Guiding Umbrella:
Microfinance Institutions United
The Tanzania Association of Microfinance Institutions (TAMFI) played a crucial role as the umbrella body for financial institutions involved in Microfinance. TAMFI members, including SELF Microfinance Fund, FINCA Microfinance Bank, Equity Bank, ASA Microfinance (Tanzania) Limited, BRAC Tanzania Finance Limited, Dun & Bradstreet Credit Bureau, Credit Info, Heritage Microfinance, JUMO Tanzania Finance Limited, Enterprises Finance Limited (EFL), and SIDO, actively participated in the festival.
Awards and Acknowledgments
During the festival’s awards ceremony, ASA Microfinance emerged victorious under the Microfinance Sector, earning recognition for their outstanding delivery during the festival. TAMFI extends hearty congratulations to ASA Microfinance and encourages more members to actively participate in the forthcoming 2024 festivals by reaching out to TAMFI Secretariat through this mobile number +255 764 668 331.
Building on Success
As the Financial Services Sector Week 2023 comes to a close, the echoes of financial empowerment and education resonate. The strides made in Arusha lay a foundation for future endeavors, reinforcing the commitment to a financially educated and empowered society.
TAMFI is optimistic about the future, and extends gratitude to all participants and stakeholders.