Financial Inclusion : Tanzania takes the top spot in Africa

Feb 22, 2016

The country ranked number 6th globally.

Tanzania has taken the top spot for financial inclusion in sub-Saharan Africa, according to the Global Microscopic Surveys carried out by the Intelligence Unit of UK newspaper The Economist.

The country ranked number 6th globally for providing the most conducive environment for financial inclusion.

Bank of Tanzania (BoT) governor Beno Ndulu told Tanzania Daily News that he credited these results to "the bold policy approach" by the central bank to allow non-banking institutions to provide financial services.

The surveys show financial inclusion has deepened in the country as a broad spectrum of institutions - including banks and non-governmental organisations - have all made successful attempts to reach out to the unbanked through non-traditional channels.

Around 76 per cent of the population had access to financial services in 2013, up from 44 per cent in 2009, according to the Finscope survey of 2013. It noted this is largely due to the introduction of agent banking and mobile money in Tanzania.

The Central Bank is aiming to have 80 per cent of the population using financial services and at least 70 per cent of the population living within five kilometres of a financial access point by 2017.ADNFCR-2976-ID-801813042-ADNFCR