RESIDENTS of Mbeya City have been challenged to turn the financial insights gained during the National Financial Services Week into practical strategies to take control of their finances and transform their lives.

Dr. Charles Mwamwaja, Commissioner for Financial Sector Development, at the Ministry of Finance said this during the closing ceremony of the week-long event held in Mbeya City.

Dr. Mwamwaja emphasized that the insights shared during the celebrations should drive meaningful transformation.

 He urged residents to abandon outdated financial habits and adopt informed, strategic approaches to decision-making in financial matters.

“Loans are not inherently bad, but before borrowing, you must have clear objectives. Don’t borrow simply because funds are accessible—borrow with a purpose and a plan. This is a critical step toward achieving real progress,” he noted.

He also advised borrowers to read and retain copies of loan agreements carefully to safeguard themselves from predatory loans issued with unfavorable terms.

Dr Mwamwaja underscored the need to formalize financial activities, urging residents to utilize formal financial services to ensure their transactions are well-managed and properly regulated.

“For example, savings groups like kikoba are commendable and encouraged, but they must be registered to make them formal and compliant,” he explained.

He further encouraged attendees to share the financial knowledge they gained with others who could not attend the celebrations, emphasizing that financial education is a continuous and lifelong process.

“These celebrations are not the end of financial education but the beginning of ongoing learning. We will continue providing financial knowledge through various channels. Let us not assume this opportunity ends here until next year. Financial education is continuous,” he said.

He highlighted the government’s commitment to fostering financial literacy, noting that the Ministry of Finance has deployed microfinance service coordinators in every region and council across the country.

This year marked the fourth edition of the National Financial Services Week, an event aligned with the Financial Sector Development Master Plan 2020/21–2029/30.

The initiative aims to enhance public financial literacy and increase the financial sector’s contribution to Tanzania’s economic growth.