Media Wire Express Correspondent
Tanzania’s financial inclusion rate has climbed to 78 percent, according to recent findings by the Bank of Tanzania (BoT).
This milestone was highlighted by BoT Governor Emmanuel Tutuba during a regional financial flows compatibility meeting held in Zanzibar. He was accompanied by Dr. Baghayo Saqware, the Commissioner of the Tanzania Insurance Regulatory Authority (TIRA).
The meeting brought together members of the Committee of Insurance, Securities, and Non-Banking Financial Authorities (CISNA) from the 16 member states of the Southern Africa Development Community (SADC). The primary focus was to strengthen legislative efforts aimed at enhancing regional integration by harmonizing the operations of financial systems across member countries.
One of the key outcomes of the meeting was the adoption of model regulatory frameworks developed by BoT experts in collaboration with the CISNA secretariat. These frameworks are designed to combat financial crimes and curb illicit business practices that are prevalent in the region.
Governor Tutuba emphasized the importance of collaboration among SADC countries in building a robust and secure financial environment. “Through initiatives like this, we can strengthen our regional financial systems and ensure that they remain resilient against emerging challenges, including financial crimes,” he said.
Dr. Saqware echoed these sentiments, noting that regulatory alignment across the region will foster greater stability and trust in the financial sector. This, in turn, will boost investment and further support efforts to increase financial inclusion across the SADC region.
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