Tanzania launches National Financial Inclusion Framework
Tanzania has launched its National Financial Inclusion Framework for 2023-2028, aiming to enhance access and usage of affordable and high-quality financial products and services.
This third iteration of the National Financial Inclusion Framework (NFIF) builds on the success recorded after the implementation of the second Framework, which ended in December 2022.
Key achievements under the second Framework include:
Increase of the percentage of adults who access formal financial services from 86 % 2017 to 89% in 2023
Growth in usage of formal financial services from 65% in 2017 to 76% in 2023
The notable increase was mainly attributed to high adoption of digital financial services, increased awareness of financial products and services and strong collaboration amongst public and private financial inclusion stakeholders.
Read the full report ‘National Financial Inclusion Framework (2023 - 2028) — A Public -Private Stakeholders' Initiative’ here →
The third NFIF will place emphasis on addressing persistent barriers and gaps, with a special focus on expanding usage of financial services to disproportionately excluded population segments and access to and usage of a broad range of affordable financial products and services for financial health.
The NFIF sets out specific initiatives for women, youth, MSMEs, smallholder farmers and fishers and persons with disabilities, to contribute to improving their participation in economic activities.
To achieve the desired vision, the implementation of this Framework will maintain public and private sector collaborations coupled with the support of development partners like UNCDF.
H.M. Queen Máxima of the Netherlands in her role as UN Special Advocate on Inclusive Finance for Development joined the framework’s launch event, and emphasized how the effort builds on the country’s recent national commitments. At the G20 Leaders Summit in 2012, Tanzania was one of 17 countries that pledged to create a national financial inclusion strategy. It was also one of the first countries to make a Maya Declaration commitment.