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TMCNet:  Govt Supports Financial Inclusion, Says Kikwete

[May 15, 2014]

Govt Supports Financial Inclusion, Says Kikwete

(AllAfrica Via Acquire Media NewsEdge) PRESIDENT Jakaya Kikwete said that the government strongly supported initiatives designed to promote savings and access to financial services.

The President said this at the launch of a mobile phone banking service known as MPawa operated by Vodacom Tanzania and Commercial Bank of Africa (CBA) in Dar es Salaam.

Mr Kikwete commended Vodacom and other telecom firms for their role in the country's economic activities including cash transfers involving transactions worth 2tri/- a month.

He said he was confident that the government's goal of realising 50 per cent financial inclusion by the year 2016 would be realised. "We are doing very well in as far as financial inclusion is concerned and telecoms are active in this transformation," the President noted.


Mr Kikwete said records show that at least 30 million Tanzanians have mobile phones and the handsets could be used by people currently in the informal sector to access banking services.

He said that only 620 small and medium enterprises (SMEs) out of three million or a mere 20 per cent have access to formal banking services.

"This is a big challenge . . . the solution must be found," the President said. M-Pawa will further enhance Tanzania's financial inclusion agenda by making it possible for people to save as little as 1/- and borrow money depending on their savings, said Vodacom Tanzania Managing Director, Mr Rene Meza.

"M-Pawa is easy to use. Customers do not need to fill in application forms. They can open a bank account by simply accessing the M-Pesa menu on their phones and select 'M-Pawa'," he explained.

President Kikwete also underscored the government's commitment in promoting the application of information and communication technology (ICT) in the country.

He listed various government efforts including installation of the national ICT broadband backbone that has led to reduction of connectivity costs and increased number of internet users.

Copyright Tanzania Daily News. Distributed by AllAfrica Global Media (allAfrica.com).

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