BoT stresses financial inclusion

Dar es Salaam. Banks have been urged to integrate with non-traditional banking institutions to bridge the financial inclusion gap.

That was said by Bank of Tanzania Governor Benno Ndulu here yesterday.

He said was speaking during the 16th East African Banking School Conference that brought together experts from Tanzania, Kenya, Uganda and South Sudan.

According to him, to be able to reach a large number of Tanzanians, banks must work together with non-traditional banking institutions.

“Tanzania is ranked 6th in the globe for enabling financial inclusion through non-traditional banking and the first in Africa.”

He said non-traditional banking institutions had eliminated borders among the various players such as telephone companies and computer retailers.

However, he cautioned that while it was important for banks to facilitate financial inclusion they must also put up a system to protect consumers.

He reminded bankers to adhere to ethics to ensure customers’ accounts are protected.

Meanwhile, banks and other financial institutions have been advised to be creative in their product development and service delivery to satisfy informed and sophisticated customers.

That is important taking into account the fact they are facing competition from non-traditional banking institutions.

That was said by Tanzania Institute of Bankers (Tiob) executive director Cashmir Nyoni during the conference aimed at discussing ways of staying ahead of the competition. “We will explore the current trends and prospects of financial inclusion in the region.”

He said they members would also discuss strategies and innovative financial solutions being employed by successful bankers and other financial service providers.

Tiob was incorporated in 1993 .

The institute is responsible for setting, promoting and upgrading the excellence and professionalism in the banking and financial service industry.