KILIMANJARO Regional Commissioner Nurdin Babu has urged residents to practise responsible financial management, warning that some individuals have devised fraudulent schemes to obtain money from unsuspecting citizens.

Babu made the remarks during a meeting with journalists and a team of financial education experts at the Regional Commissioner’s Office in Moshi Municipality.

"The financial education initiative which targets various groups helps citizens understand proper financial management. I am also pleased to hear that you will extend this knowledge to primary and secondary schools as this will benefit young people," he said.

Kiseo Nzowa, Kilimanjaro Regional Administrative Secretary, expressed gratitude to the Ministry of Finance for deploying the financial education team to the region. He noted that the programme would particularly benefit retirees, who often invest in businesses they lack expertise in, leading to huge financial losses.

"I appreciate this initiative because it will reach retirees who frequently venture into businesses without prior experience, resulting in significant losses," he said.

Dionensia Mjema, assistant director at the Ministry of Finance’s Financial Sector Operations Department, stated that the government aims to increase public awareness on financial services to promote economic growth and poverty reduction. 

She highlighted several key goals including enhancing financial market efficiency through financial education, expanding access to financial services, empowering consumers with knowledge to safeguard their finances, and helping citizens manage financial resources effectively. Other goals include providing small entrepreneurs with skills to utilise financial services for businesses growth, encouraging a saving culture, responsible borrowing, and debt repayment and strengthening the financial sector’s contribution to economic growth.

Mjema added that the financial education team in Kilimanjaro aims to engage various stakeholders, including microfinance business promoters, savings and credit cooperative societies (SACCOs), community-based financial groups, financial service providers, women’s and youth groups, persons with special needs, motorcycle taxi operators, informal traders, farmers, and business owners, public servants, pupils, trainers, and small to medium-sized entrepreneurs, CSOs, and journalists.

In Kilimanjaro, the 14-day financial literacy programme will be conducted in Moshi Municipality as well as Moshi Rural, Rombo, Same, Mwanga and Hai districts.