Mobile money services have proved to be an efficient way in driving up financial inclusion and bringing social economic transformation of the financially marginalised population.
The FinScope Report 2017 findings released last week shows that access to financial services through use of mobile phone grew to 60 per cent from 50 per cent in four years period.
According to the report, access to financial services increased to 65.3 per cent from 15.8 per cent some eight years ago, thanks to the mobile digital innovation, expansion of banking services as well as other financial outlets.
In his key note speech at the conference with the theme “Rethinking Financial Service” held at Bank of Tanzania Kilimanjaro conference, BOT Governor Prof. Benno Ndulu challenged the study findings for not going beyond to explore the impact of the increased financial inclusion.
“We should not stop at the findings but explore the implications and changes brought by the increased access to financial services to the financially underserved population,” he said.
He added, “The increased access to financial services in the country should be reflected in the decreased poverty level otherwise the good statistics will have no use,” He called the Financial Sector Deepening Trust (FSDT) that carried the study and other institutions involved in studies related to accessibility of financial services to go beyond the statistics and show its social economic changes.
Technologies innovation can simplify and bring new innovation in our Thinking on Financial Services
Business Standard Reporter, (03 October 2017), Mobile phones boost financial inclusion. Daily News.