Kilimanjaro region's population 'making use of financial services'

Feb 15, 2011

People living in the Kilimanjaro region of Tanzania are most likely to make use of banking services, a new survey has revealed.

According to the latest countrywide Fin-Scope study entitled Demand for and Barriers to Access Financial Services, around 30 per cent of the area's residents access formal products provided by financial institutions, such as current and savings accounts and loans.

A further ten per cent make use of semi-formal offerings, while 32 per cent are unbanked.

"Kilimanjaro not only boasts the highest proportion of formally served but the region also has the lowest proportion of totally excluded," Dorah Semkwiji, an expert who worked on the survey, remarked.

The research, which was conducted in 2009 and compiled as a report released this week, showed that overall, 17 per cent of Tanzania's population makes use of formal financial services.

Dr Charles Kimei of CRDB Bank recently noted issues with power supply are hampering the expansion of banks across the nation, which may be one reason take-up of such products is so low.