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The Tanzanian government has announced its commitment to providing financial education to 80% of its citizens by 2025.
Joseph Olomi, Vice Chairman of the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), made this announcement during an Entrepreneurship, Investment, and Financial Literacy seminar held in Dodoma. Olomi highlighted that approximately 40% of Tanzanians currently lack financial literacy, which hinders their success in managing their businesses.
He stated, “Many Tanzanians are struggling to make money and they lose them by making investments without financial and business education. Many are injecting their money into business ventures and are becoming unsuccessful because they lack financial education.”
Olomi stressed that to enhance competitiveness in the business sector, the government has been actively working to provide entrepreneurship, investment, and financial education through various channels, with the goal of ensuring that 80% of Tanzanians possess this knowledge by 2025.
He commended Enterprise Finance Ltd (EFL), a credit company, for its corporate social responsibility initiatives aimed at educating, empowering, and imparting skills to businesspeople and entrepreneurs, thereby facilitating their progress in the business world.
Paul Kulwa, Credit Manager at EFL, explained that the primary objective of the seminar was to educate entrepreneurs and the general public, helping them effectively manage their businesses without misusing their funds.
Kulwa emphasized the importance of financial literacy, stating, “Due to the lack of business education and financial literacy, many people have been taking loans and diverting the money to other unplanned projects, which results in their inability to achieve their goals and, at times, repay their loans.”
He added, “Before lending, we should educate them so that the money they borrow can benefit them and help them repay their loans. We advise them not to borrow if they lack financial literacy or do not know how to utilize the funds. Our primary focus today is to provide education and teach financial literacy.”
Prof Goodlucky Urassa, Chairman of EFL and a faculty member at the University of Dar es Salaam (UDSM), emphasized that the most significant challenge facing businesses in Tanzania is the lack of business management education. Many individuals start businesses but struggle with proper management.
The Tanzanian government’s commitment to expanding financial education is expected to empower its citizens and improve their ability to make informed financial decisions, ultimately contributing to the country’s economic growth.
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