Hassan Magulumali
The government, through the Ministry of Finance, has been urged to oversee the disbursement of funds and the issuance of municipal loans intended for women, youth, and special groups to ensure they reach the intended beneficiaries as planned.
This appeal was made in Liwale district, Lindi region, by Ms. Diana Venant, Chairperson of the Tunaweza Group, after the conclusion of a financial education seminar provided by the Ministry of Finance through the Financial Sector Development Department to help increase business capital and economic empowerment.
“If the government properly oversees the loan disbursement process for the intended groups, it will help reduce the problem of exploitative loans or ‘bloodsucker’ loans since many citizens turn to these quick loans due to their rapid availability and fewer requirements,” said Ms. Venant.
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She added that many citizens do not meet the criteria to borrow from formal financial institutions because they are required to have a house deed, land title, or car registration, which disqualifies them from accessing low-interest, easily repayable loans.
On his part, Mr. Obadia Anania, the Community Development Officer and Coordinator of Microfinance Groups in Liwale District, commended the government for recognizing the importance of providing financial education to various citizen groups in the country.
“This education is beneficial and will help change citizens’ lives through the knowledge we have gained, which covers various areas such as financial discipline, savings, investment, and loan education. I believe this knowledge will change the lifestyle of citizens,” said Mr. Anania.
Mr. Salim Kimaro, Chief Financial Officer of the Financial Sector Development Department at the Ministry of Finance, stated that the Ministry continues to provide financial education to ensure all citizens have a broad understanding of financial matters, including developing a habit of saving, maintaining financial discipline, and adhering to their budget.
“As part of the financial education program implementation, the government aims for approximately 80% of citizens to have received this education and have a broad understanding of financial matters by 2025,” said Mr. Kimaro.
He mentioned that so far, 10 regions have been reached by the Ministry of Finance’s team of experts and have received financial education, including Kagera, Manyara, Singida, Kigoma, Rukwa, Simiyu, Shinyanga, Tabora, Mtwara, and Lindi.
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