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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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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
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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
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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
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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?
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6 END - THANK YOU!
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