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

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Presentation on theme: "3 RD AFI GLOBAL POLICY FORUM 29 SEPTEMBER 2011 Flora Lugangira Rutabanzibwa Bank of Tanzania A BRIEF TANZANIA'S EXPERIENCE IN FINANCIAL EDUCATION."— Presentation transcript:

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

2 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: 3 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/team was 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 4 NATIONAL FE FRAMEWORK  Part of the broad approach of Consumer Protection (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 5 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 6 END - THANK YOU!


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