Tanzania is one of Africa’s youngest nations. According to national statistics, more than 60% of the population is under the age of 30, placing young people at the center of the country’s economic and financial future. This demographic reality is not just a social fact; it is a defining economic force that will shape consumption, savings, investment, and growth for decades to come.

This generation has grown up alongside mobile phones, mobile money, and digital platforms, fundamentally reshaping how they earn, spend, save, and transfer money. For many young Tanzanians, digital financial services are not an innovation; they are the norm. Mobile payments, instant transfers, and app-based services have set new expectations around speed, convenience, and accessibility. As a result, traditional banking models built around branches, paperwork, and rigid processes are increasingly being questioned.

For banks, the challenge has shifted. It is no longer about whether young people will engage with formal financial services; they already are, often through non-bank platforms. The real question is whether banks can remain relevant by understanding and responding to the expectations of a digitally empowered generation in a fast-evolving economy. Meeting these expectations will determine which institutions build lasting relationships with future professionals, entrepreneurs, and business leaders. In this article, I share my perspective on what Tanzania’s youth are looking for from their banks and why responding to these needs is critical to the future of banking in the country.

Ø  Convenience: At the core of youth expectations is convenience. Young Tanzanians want banking services that fit naturally into their daily lives. They expect to open accounts, transfer funds, pay bills, and track spending directly from their phones, without paperwork or long queues. A functional digital platform is now a basic requirement, not a competitive advantage. Beyond functionality, however, user experience matters deeply. Simple navigation, fast transaction processing, and reliable system uptime strongly influence how young customers perceive a bank. In addition, speed and responsiveness define modern engagement. Young customers expect timely responses across digital channels, including in-app support and social media. Delayed feedback weakens confidence. Banks that invest in responsive customer care and empower their teams to resolve issues efficiently stand out in a competitive market.

Ø  Affordability and fairness: Many young people are students, first-time employees, freelancers, or early-stage entrepreneurs whose income patterns are often irregular and unpredictable. As a result, they are particularly sensitive to hidden charges, high minimum balance requirements, penalty fees, and complex pricing structures that can quickly erode their limited earnings. Traditional banking models, which are often designed around stable salaried income, may not adequately reflect the financial realities of this segment. Youth-friendly banking, therefore, requires simplicity, transparency, and flexibility. Products should have clear and straightforward pricing, low or no minimum balance requirements, and minimal maintenance fees. Terms and conditions must be communicated in plain language rather than technical jargon, ensuring that young customers fully understand the cost and value of the services they are using. 

Ø  Access to credit and financial guidance: Tanzania’s youth are ambitious, innovative, and entrepreneurial, but often lack traditional collateral or long credit histories. They want banks to look beyond conventional metrics and consider alternative indicators such as transaction behavior, savings patterns, and digital payment history. Banks that rely solely on traditional lending models risk excluding a large and dynamic segment of the economy. By leveraging transaction data, savings behavior, and digital payment histories, banks can responsibly expand access to credit while managing risk. Small, flexible loan products, combined with responsible risk management, can unlock opportunities. Financial education and guidance are equally important. Many young people want support in budgeting, saving, and planning for the future. Digital tools that track spending, set savings goals, and provide financial insights add tangible value. When banks position themselves as partners in financial growth rather than just service providers, they strengthen loyalty.

In conclusion, Banking Tanzania’s digital generation requires more than technology; it requires understanding. Young people want convenience without complexity, innovation without risk, and institutions they can trust. With a youthful population, high mobile penetration, and a growing digital economy, Tanzania has a unique opportunity to redefine youth banking.

Banks that invest in digital excellence, fair pricing, inclusive credit models, and genuine customer engagement will not only win the youth market but also shape Tanzania’s long-term financial resilience. The digital generation is not just the future of banking; it is its present.

 Kelvin Mkwawa, MBA, is the Seasoned Banker based in Dar es Salaam. He can be contacted through Email address:Kelvin.e.mkwawa@gmail.com