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.