Tanzania: Experts Advocate Literacy for Booming Financial Sector

The number of commercial banks and financial institutions in the country aside, majority Tanzanians lack access or are simply unaware of existent of financial services. They have limited access to demand-oriented savings, loan, investment and insurance products. Poor households, as a result, remain vulnerable to adverse shocks. There are 46 commercial banks and financial institutions in Tanzania today serving hardly half of the potential customers, with industry sources claiming that complicated terms have hindered many people from using banking services.