By Alfred Zacharia
On March 5, 2025, the Bank of Tanzania (BoT) held a significant meeting today with both local and international financial institutions to discuss the gender gap in women's access to finance.
The meeting aimed to highlight the existing disparities and explore ways to close the gap, with a goal of achieving a 50/50 financial inclusion ratio by 2033.
Governor of the Bank of Tanzania, Emmanuel M. Tutuba, briefed journalists, emphasizing the importance of financial inclusion.
"We want to ensure that women fully participate in financial activities, aiming for gender parity in financial services by 2033," said Governor Tutuba.
"In 2023, we conducted a fiscal research study that focused on financial inclusion across different groups. We found that five groups, including women, were underserved. Today's meeting will discuss opportunities for women and how we can resolve these challenges," he added.
Governor Tutuba also noted that the meeting would assess the current situation of financial inclusion in Tanzania and align the findings with the country’s Vision 2050.
"Our goal is for women to access 50% of financial inclusion services, equal to men. We want women to access and use financial services for their economic sustainability," he added.
The event was attended by the Tanzania Bankers Association (TBA), the World Bank (WB), the International Finance Corporation (IFC), the Financial Sector Deepening Trust (FSDT), and other key stakeholders.
The Chairperson of TBA, Mr. Theobald Tabi, welcomed the initiative, pointing out that the meeting coincided with International Women's Day celebrations.
"Commercial banks are continuously assisting women in accessing financial services. We are resolving issues such as collateral requirements for loans and using Swahili in banking services to encourage more women to participate. We have also designed special products, such as tailored accounts and loans, to empower women," Mr. Tabi said.
Additionally, the World Bank is rolling out the Women Entrepreneurs Finance Code (WE Finance Code) in over 30 countries in 2024-2025. This initiative aims to expand financing for women-led micro, small, and medium enterprises (WMSMEs) by addressing data gaps that limit access to finance for these businesses.
The discussions today underscore the growing commitment to ensuring that women in Tanzania and beyond have equal access to financial services, promoting their economic empowerment.