Vice President Dr. Philip Mpango has called on financial institutions to intensify efforts in promoting financial literacy among Tanzanians to enhance the uptake of banking services and improve financial inclusion.
Speaking during the inauguration of CRDB Bank’s new branch in Buhigwe District on Tuesday, Dr. Mpango said limited knowledge of financial matters among citizens continues to hinder their access to available products and services.
“Many people still lack adequate understanding of the importance of saving, borrowing responsibly, and using financial services,” said Dr. Mpango.
“We need banks to educate the public on the benefits of having bank accounts, which not only safeguard their money but also build their creditworthiness.”he added
The Vice President commended CRDB Bank for its environmental conservation initiatives and urged the lender to collaborate with local communities in funding climate resilience projects, noting that Buhigwe known for its rich biodiversity faces significant threats from climate change.
He stressed that the government has implemented major reforms to create a conducive environment for the banking sector, including enabling innovations such as digital banking, mobile money services, and online investment products.
These reforms have seen the introduction of instruments like the Green Bond, Samia Infrastructure Bond, and Sukuk Bond.
Dr. Mpango added that under the National Microfinance Policy and the Financial Inclusion Framework, the government is working to reduce the number of unbanked Tanzanians, particularly in rural areas, by investing in ICT infrastructure and lowering communication costs to support digital financial services.
As part of its corporate social responsibility, CRDB Bank has renovated two classrooms and an office at Kibande Secondary School and supplied desks and chairs for students.
Additionally, a fundraising initiative during the branch launch mobilized over TZS 246.6 million in cash and pledges for the renovation of Kilelema Secondary School and Mhinda Primary School.
CRDB Bank’s Chief Executive Officer, Abdulmajid Nsekela, pledged continued support for government-led development projects, citing opportunities arising from the Standard Gauge Railway (SGR) project to Burundi.
“We are committed to empowering entrepreneurs of all sizes to seize new opportunities created by these strategic projects,” said Mr. Nsekela.
Buhigwe District Commissioner, Col. Michael Ngayalina, welcomed CRDB’s investment, saying the new branch will boost trade and economic activities in the district, which borders neighboring countries and has long lacked banking services.
