BoT governor hails financial inclusion drive

BoT governor hails financial inclusion drive

Dar es Salaam. The Bank of Tanzania (BoT) governor, Mr Emmanuel Tutuba, is pleased with the steps the banking industry has taken to support the effort of the government to promote financial inclusion.

Speaking at a banquet to welcome him and say goodbye to his predecessor, Prof Florens Luoga, Mr Tutuba expressed his satisfaction with the progress made by commercial banks in their digital transformation.

“The solid performance by the banks in the previous year is a testimony of innovative ideas that banks have instituted to attract more customers and give them the best experience,” he said.

Members of the Tanzania Bankers Association (TBA) organised the dinner event.

“The government acknowledges the good job that banks have been doing in extending financial services to the majority of Tanzanians thereby expanding the formal financial sector,” he said.

According to the TBA chairman, Mr Theobald Sabi (pictured), the banking sector’s performance was a result of the cooperation it [the sector] gets from the BoT and the government’s efforts in nurturing a conducive business environment.

“TBA acknowledges the collaboration and support from the government and the BoT that has led to substantial milestones,” said Mr Sabi who doubles as the managing director of NBC Bank.

He said it was on the back of such factors that commercial banks’ combined net profits rose to Sh1.164 trillion during the 2022 calendar year, crossing the Sh1 trillion mark for the first time in Tanzania’s history. The sector saw increases in a number of other areas, including credit to the private sector, internet banking, and agent banking channels.

For her part, TBA executive director Tuse Joune said that banking sector’s association was currently implementing a Five-Year Strategy (2023-2027) that will soon be launched to the public.

“I am happy to announce that our five-year plan (2023-2027) is now ready for launch, and we will soon take it to the public,” she said.

President Samia Suluhu Hassan appointed Mr Tutuba as new BoT Governor on January 7 this year, replacing Prof Luoga who completed his five-year tenure.

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Tanzania's opposition party ACT Wazalendo honours veteran politician under new policy
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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy

Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.

The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.

Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.

The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.

“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.

To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.

The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.

In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.

Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.

The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.

Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.

Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.

Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading