Dar es Salaam, 10th–11th December 2024
The Financial Sector Forum, held on the 10th and 11th of December 2024 in Dar es Salaam, brought together key stakeholders to deliberate on the future of Tanzania’s financial sector. The forum was organized by a Secretariat led by the Ministry of Finance, with the Tanzania Association of Microfinance Institutions (TAMFI) proudly playing its role as part of this collaborative body.
The two-day event served as a platform for dialogue, knowledge exchange, and strategic commitments aimed at strengthening the country’s financial ecosystem for sustainable economic growth and inclusive financial inclusion.
Guest of Honour and Opening Remarks
The forum was officially opened by the Guest of Honour, Hon. Dr. Mwigulu Nchemba, Minister of Finance, who underscored the government’s commitment to building a robust financial sector that supports national development priorities and ensures access to financial services for all.
In his address, the Guest of Honour emphasized that “a stable and inclusive financial sector is the backbone of economic growth, poverty reduction, and sustainable development. The collaboration between government bodies, financial institutions, and development partners is critical to realizing Tanzania’s Development Vision 2025.”
Forum Theme and Focus
The theme of this year’s forum was:
“Innovative and responsible financial sector for the sustainable and innovative inclusive socio-economics development.”
“Innovative and responsible financial sector for the sustainable and innovative inclusive socio-economics development.”
The theme highlighted the importance of resilience, collaboration, and innovation in tackling challenges faced by the financial sector while ensuring its accessibility to all segments of society, particularly underserved communities such as women, youth, and rural entrepreneurs.
Key areas of focus during the forum included:
- Enhancing Financial Inclusion: Expanding access to finance through microfinance, digital solutions, and capacity building.
- Promoting Responsible and Inclusive Financing: Addressing consumer protection, transparency, and ethical lending practices.
- Financing Green and Sustainable Development Initiatives: Aligning financial products with renewable energy, climate resilience, and environmental conservation goals.
- Leveraging Technology and Innovation: Supporting fintech adoption and the digital transformation of financial services.
- Strengthening Regulation and Policy Frameworks: Ensuring financial sector governance supports growth while maintaining stability and trust.
TAMFI’s Role and Commitment
As an integral part of the Secretariat and a leading voice for microfinance institutions in Tanzania, TAMFI reaffirmed its commitment to advancing the forum’s resolutions and playing its part in strengthening the financial sector. TAMFI’s commitments include:
- Advocacy and Policy Influence: Ensuring microfinance institutions operate in an enabling regulatory environment that fosters growth and innovation.
- Capacity Building for Members: Enhancing skills and competencies of financial service providers through training programs on responsible and inclusive finance.
- Financial Inclusion Initiatives: Promoting financial products and services that cater to women, youth, and rural entrepreneurs, aligning with Tanzania’s financial inclusion goals.
- Green Finance Promotion: Supporting members to develop loan products for clean energy and climate-resilient solutions, such as water supply, sanitation, and renewable energy.
- Driving Technology Adoption: Encouraging digital transformation among its members to improve efficiency and outreach.
Conclusion: A Call to Action
The Financial Sector Forum 2024 concluded on a note of optimism and shared responsibility. Participants recognized that by fostering collaboration, leveraging innovation, and prioritizing inclusion, Tanzania’s financial sector will be well-positioned to drive economic transformation and achieve the country’s development goals.
As stakeholders move forward, forums like these remain vital platforms for continuous engagement, accountability, and progress toward a financial sector that leaves no one behind.