Speaking recently at the official launch of the framework, the BoT Governor, Prof Benno Ndulu, said the programme was aimed at addressing challenges facing the financial sector such as low level of awareness on the advantages and disadvantages of a wide-range of products.
“This programme will make consumers aware of the products offered by service providers as well as enable them to act with confidence in making good choices in the management of their personal finances,” said Prof Ndulu.
He also said the financial institutions had a role of providing education to their consumers when introducing new services to ensure the consumers understood the pros and cons of the product as well as reorganise their rights.
Citing examples, the governor said: “Last week we acknowledged the significant progress Tanzania has made in reducing financial exclusion by more than half in a short period since 2009.
The role of mobile money in providing a platform for this leapfrogging.”
“It has enabled the bridging of distance, lower transaction costs and vastly improved convenience in making payments for a wide range of services as well as easing banking,” he noted.
He explained that currently more than 19 million Tanzanians used those platforms actively and about 75 per cent of them payed for utilities, taxes, wages, entertainment and other services through Mobile Money.
The improvement of different financial institutions in providing financial services must go hand in hand with provision of knowledge to consumers about the products they introduce, he said.
For his part, the executive director of FSDT, Sosthenes Kewe, said the programme would also help the the public to have money discipline.
He detailed that the major role was to see improved capacity and sustainability of the financial sector to meet the need of the poor as well as contribute to economic growth.
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