By Charles Mkoka
In a continued push to bring more Tanzanians into the fold of formal financial services, the government—working through the Bank of Tanzania (BoT)—has rolled out the third phase of the National Financial Inclusion Framework (NFIF3), covering the years 2023 to 2028.
In a continued push to bring more Tanzanians into the fold of formal financial services, the government—working through the Bank of Tanzania (BoT)—has rolled out the third phase of the National Financial Inclusion Framework (NFIF3), covering the years 2023 to 2028.
It's a bold move that builds on the groundwork laid by the previous two frameworks, which concluded in 2016 and 2022, and marks a determined stride toward economic inclusivity.
At its heart, NFIF3 is about making financial services not just accessible, but meaningfully usable by ordinary citizens.
The government has set an ambitious target: by 2028, 95 out of every 100 Tanzanians should be able to access formal financial services within a five-kilometer radius, and at least 85 should be active users of those services. It’s a vision rooted in more than just policy—it’s about reshaping daily life for millions.
These efforts are tightly woven into broader national goals, including Tanzania’s Development Vision 2025, the Long-Term Development Plan (2011/12 – 2025/26), and the Financial Sector Development Master Plan (2020/21 – 2029/30).
The NFIF3 doesn’t stand alone—it’s part of a larger roadmap that sees financial inclusion not merely as a metric, but as a catalyst for personal and national growth.
And the progress is measurable. As of the end of 2023, 89% of Tanzanians had access to formal financial services, up from 86% in 2017. More strikingly, usage jumped from 65% to 76% over the same period.
Behind these numbers are real stories: women running small enterprises with access to microloans, farmers protecting their livelihoods with insurance, and young entrepreneurs navigating capital markets to grow their startups.
NFIF3 places a special emphasis on groups that have historically been underserved by the financial system. Women, youth, smallholder farmers, fishers, and small and medium-sized entrepreneurs are all central to the framework’s mission. These are not just categories on a report—they’re communities whose economic resilience depends on access to tailored financial tools.
The framework is more than a government initiative; it’s a collaborative effort involving ministries, regulators, banks, microfinance institutions, mobile money operators, service provider networks, and international development partners.
Together, these actors are working to lower barriers—be they geographic, technological, or educational—that stand between citizens and meaningful financial engagement.
What makes NFIF3 stand out is its recognition that inclusion is not achieved through infrastructure alone. True financial inclusion means empowering people with the knowledge and confidence to engage with these services—whether it’s understanding how to save, borrow responsibly, or invest wisely.
In many ways, this is not just a story about banking or numbers. It’s about trust, empowerment, and possibility. As Tanzania moves toward its 2028 targets, the measure of success will be seen not just in charts but in the everyday choices and improved livelihoods of its people.