The Bank of Tanzania (BoT) has issued a stern warning to Certified Financial Educators (CFEs), cautioning them against spreading misleading information or misrepresenting their professional status while conducting financial literacy activities.
In a public notice released in Dodoma, the central bank said that although the Certified Financial Educator programme has made significant progress since its launch in December 2023, reports have emerged that some educators are exceeding their mandate and presenting themselves as financial experts beyond the scope of their certification.
The programme was introduced by the BoT in its role as Secretariat of the National Financial Inclusion Council to expand financial literacy among Tanzanians who are outside the formal education system.
Through partnerships with selected academic institutions, the initiative aims to standardise financial education and help citizens better understand key financial services such as saving, investment and responsible borrowing.
Since its inception, more than 1,388 individuals have been certified as financial educators and have been conducting community training sessions, seminars and online awareness campaigns to improve financial knowledge among the public.
Early results indicate that the initiative is helping many Tanzanians improve how they manage their finances and access financial services.
However, the BoT said the programme’s credibility could be undermined if educators fail to observe professional standards.
In the notice signed by BoT Governor Emmanuel M. Tutuba, the central bank outlined strict guidelines that all Certified Financial Educators must follow.
First, educators must limit their teaching strictly to the financial literacy principles for which they were trained and certified.
They are not permitted to introduce or promote financial services or advice beyond the official curriculum.
The Bank also stressed that possessing a Certified Financial Educator certificate does not make an individual an employee of the Bank of Tanzania or a licensed broker, financial advisor, consultant or financial coach.
Educators were also instructed to use appropriate branding and clearly identify themselves when conducting training in order to avoid confusing members of the public about their role or association with the central bank.
In addition, those who hold other professional qualifications must disclose them clearly so that the public can distinguish between their certified financial education role and other professional activities.
The BoT further reminded educators that their primary responsibility is to improve financial behaviour among citizens by providing accurate and responsible financial education.
The central bank warned that disciplinary action will be taken against any educator who violates the guidelines or misrepresents their authority.
According to the notice, the Bank will not hesitate to take measures including withdrawal of certification for individuals who breach the rules.
Despite the warning, the BoT expressed appreciation to the more than 1,388 educators who continue to support financial literacy efforts across the country through community engagements, seminars and digital platforms.
The Bank urged them to uphold the highest standards of professionalism and integrity as they contribute to Tanzania’s financial inclusion agenda.
