Tanzania leads financial inclusion drive ranking in Africa

Nov 08, 2016

The ranking recognizes Tanzania’s effort in driving financial inclusion.

The Economist Intelligence Unit's Global Microscope 2016 survey has positioned Tanzania as the foremost nation in East and Sub-Saharan Africa in financial inclusion drive. The survey ranked Tanzania as the 9th out of 55 countries in the world, using 12 indicators in determining progress and challenges confronting financial inclusion globally. The report recognized Tanzania's continuous effort in creating an enabling environment for financial inclusion. The increased access to financial services in Tanzania over the years has been driven by technology and innovation such as the use of mobile phones for accessing financial services. Incorporating digital technology into financial services has made Tanzania one of the global hot spots of innovative financial services. As of December 2015, the country recorded 19 million active users of mobile phone financial services. Currently, 61 per cent of financially included Tanzanians access financial services through mobile money accounts. This effort is in line with Bank of Tanzania's target of having 80 percent financial inclusion and financial access points within five kilometres by 2017.