The Ministry of Finance, in partnership with key stakeholders, has launched a nationwide financial literacy campaign aimed at increasing public awareness and promoting the use of formal financial services, especially in rural areas.
The initiative follows a directive from Prime Minister Kassim Majaliwa, which encouraged collaboration to bridge financial knowledge gaps and enhance inclusion.
Speaking at the launch of the fourth Financial Services Week in Mbeya, the Minister for Education, Science, and Technology,
Prof. Adolf Mkenda underscored the importance of financial literacy in driving economic empowerment. The event, which runs until October 26, 2024, is being held at Ruanda Nzovwe Grounds.
“In response to the Prime Minister’s directive issued during last year’s celebrations in Arusha, the government, in collaboration with stakeholders, has delivered financial education to over 32,000 individuals between May and September 2024. These efforts have covered 15 regions and 65 councils,” Prof. Mkenda noted.
Despite the progress, Prof. Mkenda highlighted the persistent challenge of limited banking services in rural areas, where only 8.6% of the population utilizes formal banking. “We need to address this gap to ensure financial inclusion reaches all corners of the country,” he added.
Representing the Permanent Secretary of the Ministry of Finance, Dr. Charles Mwamaja emphasized the role of financial institutions in the ongoing campaign.
“We are providing education through various channels—direct engagement, brochures, and public forums—to empower individuals and businesses to make informed financial decisions,” he said.
Mbeya District Commissioner, Beno Malisa, appealed to the organizers to consider extending future editions of the event.
“The high turnout reflects the community’s interest, and a single week is not enough to meet the growing demand for financial education,” he remarked.
The Financial Services Week aims to promote financial inclusion by increasing awareness of banking, savings, insurance, and digital financial tools to empower citizens and foster sustainable economic development.