GOVERNMENT ADVANCES FINANCIAL SECTOR REFORMS FOR AN INCLUSIVE ECONOMY



The government has reaffirmed its commitment to strengthening the financial sector to serve as a catalyst for rapid economic development, while emphasizing the importance of ensuring accessible and affordable financial services for all citizens.

This statement was made today, April 9, 2026, in Dar es Salaam during the opening of the 2026 Financial Sector Stakeholders Forum, held under the theme: “An Innovative and Accountable Financial Sector for Sustainable and Inclusive Social and Economic Development.”

Speaking at the event, the Minister of Finance, Khamis Mussa Omari, called on stakeholders in the sector to utilize the forum to provide recommendations aimed at improving policies, laws, and financial systems in order to achieve a strong, finance-driven economy by 2050.

“The financial sector is a key pillar of national development. We must ensure that financial services are accessible to all citizens easily and at affordable costs,” said Minister Omari.

He noted that the forum aims to bring together various stakeholders to discuss the implementation of the Financial Sector Development Master Plan (2021–2029), highlighting the sector’s significant contribution to economic growth and increased access to financial services.

On his part, the Permanent Secretary in the Ministry of Finance, Dr. Natu Mwamba, stated that over the past five years, the sector has recorded significant achievements, including increased access to financial services, expansion of bank branches and agents, as well as the growth of digital financial services.

He added that 76 percent of Tanzanians now have access to formal financial services, largely driven by the use of mobile phones and digital financial platforms.

Meanwhile, the Deputy Minister of Finance, Engineer Mshamu Munde, stressed the importance of managing financial risks, including illicit trade and misuse of financial systems, while calling for strong oversight of emerging financial technologies.

Participants at the forum were given an opportunity to discuss challenges and opportunities within the financial sector, particularly in areas such as technological innovation, financial inclusion, and investment.

The forum is expected to produce resolutions that will help strengthen the financial sector and accelerate social and economic development in the country.

Attendees included representatives from banks, insurance institutions, cooperative societies, and the private sector.

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