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A BRIEF TANZANIA'S EXPERIENCE IN FINANCIAL EDUCATION

A BRIEF TANZANIA'S EXPERIENCE IN FINANCIAL EDUCATION. 3 RD AFI GLOBAL POLICY FORUM 29 SEPTEMBER 2011 Flora Lugangira Rutabanzibwa Bank of Tanzania. RATIONALE: -2006/9 Financial Access Strands: very low access -One of key dd-side barriers: high financial illiteracy (20% rural).

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A BRIEF TANZANIA'S EXPERIENCE IN FINANCIAL EDUCATION

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  1. A BRIEF TANZANIA'S EXPERIENCE IN FINANCIAL EDUCATION 3RD AFI GLOBAL POLICY FORUM 29 SEPTEMBER 2011 Flora LugangiraRutabanzibwa Bank of Tanzania

  2. RATIONALE: -2006/9 Financial Access Strands: very low access-One of key dd-side barriers: high financial illiteracy (20% rural) Source: FinScope 2006 and 2009

  3. DEVELOPMENT PROCESS: Flag areas/issues: • Champion: -BoT continued to highlight problem in national forums: →FE emerged as a critical national issue; -Rural & Micro Finance Technical Team of the Financial Sector Reform Programme was tasked to spearhead national response to systemic illiteracy; • Coordination: T/teamwas a PPP under Bank of Tanzania & co-opted Ministry of Educ. • New Concept: -Technical Support (consultant, international peer review, exposure visits: facilitate team in undertaking a FE diagnostic study -Interest groups meetings for awareness creation & consensus building • Study Period: > a year (approval June 2011) • Study Results: FE Framework under BoT & recommendation for a Financial Capability baseline survey and consumer protection framework

  4. NATIONAL FE FRAMEWORK Part of the broad approach of ConsumerProtection (3 pillars) Aim: Educate stakeholders on importance of FE & potential roles; Optimize resources through initiative coordination & partnership; Guide stakeholders; Establish mechanism to measure national progress Components: Consumer strategy to enhance financial capability through interest groups for each market segment; Coordination Mechanism under the Bank (Policy Team (PPP)– Secretariat – Technical Team(PPP): working instruments M&E Framework

  5. Challenges & Key Question Areas At Stage of Setting up a Secretariat: • Severe shortage of skills in FE; how to balance the urgent need to get things done through use of external technical assistance & building local skills; • How best to handle FE with the existence of a financial consumer protection framework: should the 2 issues be handled by different entities? • Which market segment is of high priority to start with?

  6. END - THANK YOU!

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