THE government has called for increased strategic collaboration among stakeholders to expand financial access to more people and promote economic growth in the country.

Speaking at the 20th anniversary of the Financial Sector Deepening Trust (FSDT) in Dar es Salaam over the weekend, Dr Charles Mwamwaja, Commissioner for Financial Sector Development at the Ministry of Finance, emphasised the importance of collective efforts in addressing policy issues critical to the country’s financial sector.

“Financial inclusion is central to economic growth, job creation, and poverty reduction,” Dr Mwamwaja said, urging stakeholders to take ownership of initiatives that contribute to the nation’s economic development.

He highlighted the ministry’s ongoing collaborations with various partners, noting significant strides made in shaping policies that foster financial stability and inclusion.

He underscored that limited financial inclusion remains a barrier to Tanzania’s overall economic development. 
“It’s essential that we continue to work together to create policies that allow everyone, especially underserved communities, to access financial services,” he said.

The Commissioner also stressed the ministry’s commitment to reforms aimed at strengthening the financial sector.
Sauda Msemo, Deputy Governor of the Bank of Tanzania (BoT) noted that sound policies and laws such as the Secure Transactions Act and venture capital funding initiatives, are crucial for creating a more inclusive financial environment.

She also highlighted the importance of the reforms, noting that they align with the government’s long-term objectives for financial stability and growth.

“Policy is the cornerstone for creating an environment whereby the financial sector can thrive. The work we are doing now will have a lasting impact on Tanzania’s financial stability,” Msemo remarked, stressing the positive outcomes of the collaborative efforts at both national and international forums. 

Carol Mundle, Head of Cooperation at Global Affairs Canada, praised the work of the centre for inclusive and sustainable advancement, which has played a pivotal role in shaping Tanzania’s financial landscape. 

“Its leadership in fostering innovation and promoting responsible finance has significantly contributed to Tanzania’s economic growth,” Mundle said.

Daudi Ramadhani, a representative from Rex Attorneys and Registered Trustee of FSDT, also shared insights on the government’s economic and environmental compliance system, which aims to promote sustainable business practices and financial inclusion. 

“The system provides a structured pathway for development, ensuring that both financial and non-financial sectors adhere to legal and regulatory standards,” he explained.

Sosthenes Kewe, former CEO of FSDT, spoke on the importance of partnerships in integrating underserved populations into the financial system, boosting trust, and enhancing economic inclusion. “By working together, we are empowering communities to engage with the financial sector, creating a more inclusive economy,” he noted.

Eric Massinda, FSDT Chief Executive highlighted how inclusive financial systems can drive broader economic progress. 
He emphasised the need to prioritise the financial needs of the most vulnerable populations.

“Delivering quality, inclusive financial solutions is critical to building trust in the financial sector and ensuring equitable access to opportunities for all,” he said.
He called for continued innovation and collaboration to ensure financial inclusion leads to job creation, entrepreneurship, and poverty reduction.