Acting Manager of Microfinance Services Dickson Gama. Photo: Courtesy
By Charles Mkoka
The Bank of Tanzania (BoT) recently conducted a training session for media editors in Dar es Salaam to boost public awareness around the growing online loan sector and its associated challenges.
Speaking at the session, held on November 14, 2024, in Dar es Salaam, Dickson Gama, Acting Manager of Microfinance Services, emphasized BoT’s commitment to maintaining a stable, robust, and resilient financial sector to support the nation’s economic activities efficiently.
“As the central authority overseeing microfinance services in Tanzania, BoT acknowledges the media's vital role as a bridge connecting the central bank with Tanzanians and the broader international community,” Gama stated.
He noted that online loans have significantly streamlined access to financial services, offering quicker and more convenient loan options.
However, he also acknowledged that the sector's rapid expansion has introduced several issues, including ethical concerns, elevated interest rates, high loan costs, and a general lack of clear information for consumers.
Despite these challenges, Gama highlighted BoT’s proactive efforts to educate the public, ensuring that online loan services are accessible and beneficial for citizens.
He further stressed that BoT’s regulatory measures will continue to ensure that all service providers meet the required standards, contributing to a more secure and transparent financial environment.
