BoT, HESLB launch financial education drive for students

Dodoma. The Bank of Tanzania (BoT) and the Higher Education Students’ Loans Board (HESLB) have launched a joint programme to provide financial education to higher learning students, aimed at improving money management among loan beneficiaries.

Speaking on Monday, May 18, 2026, in Dodoma, BoT Governor Mr Emmanuel Tutuba said the initiative seeks to equip students with basic financial knowledge and budgeting skills during their studies.

He said financial literacy remains a key challenge among young people, affecting their ability to manage resources effectively.

“This initiative is meant to equip young Tanzanians with financial knowledge and money management skills during their higher education journey for their own welfare and that of their families,” said Mr Tutuba.

He said a 2023 Finscope survey identified gaps in financial inclusion, with young people among the groups facing limited access to financial services and financial education.

Mr Tutuba said some students also lack the identification documents required to open bank accounts and access formal financial services.

He said BoT has developed financial education curricula for students and for people outside the formal education system.

He added that the central bank will also assess the financial behaviour of students receiving higher education loans to ensure proper use of funds.

Through the programme, students will access financial education via a digital platform linked to the Student Individual Profile Account (SIPA), allowing nationwide access.

The programme will cover budgeting, saving, responsible borrowing, financial planning, digital financial services and consumer protection.

“We want students to use funds responsibly. If money is for stationery, it should be used for stationery, not betting. If it is for food, it should be used for food,” he said.

He said some students misuse loan funds, which affects their academic performance and financial discipline.

HESLB Chief Executive Officer Dr Bill Kiwia said the agreement strengthens cooperation between BoT and HESLB in delivering financial education to loan beneficiaries.

He said student loan allocations have increased in recent years alongside government funding.

According to him, the government allocated Sh770 billion to 177,000 students in 2021/22, rising to Sh916 billion for 275,347 students in 2025/26.

He said a total of Sh3.6 trillion has been disbursed over the past five years under the Sixth Phase Government.

Dr Kiwia said financial education will help ensure students use public funds responsibly and improve loan repayment after graduation.

BoT Director of Financial Inclusion and Integrated Services Mr Kennedy Komba said the programme will help students manage money better and use available financial services effectively.

He said it will also encourage saving, budgeting and responsible borrowing among students.