The framework is commitment from financial inclusion stakeholders in Tanzania from both the private and public sector, who want to see that the barriers to financial inclusion are eliminated through the implementation of 2nd round financial inclusion Framework in Tanzania.
The first framework focused on building infrastructure to facilitate access of financial services ready to be used by Tanzanian. The outcomes was possible through collaborative efforts, dedication and support of implementing agents.
National Financial Framework 2018-2022’s vision is to see that ” Financial products and services meet the needs of individuals and business consistent with supporting livelihood, household residence and creation of jobs. ” Financial inclusion as a means to an end is expected to take Tanzanian to higher level of livelihood after using formal financial services.
The focus areas towards which this framework will direct its actions include ensuring the existence of a robust electronic information infrastructure for individuals and business profiles, credit history and collateral; ensuring that consumers are informed and protected; and encouraging the design and development of demand- based solution.
Singo Africa Limited, having a trust on this framework and will increase the motivation to fulfill it’s objectives of increasing the level of financial inclusion its mile stone in financial devices by providing the best solution in information technology and consultation as a private sector and service provider to Financial institutions. Use of technology driven channels and other innovations to reach the underserved and unserved markets. Decision on solutions design or improvements should be informed by evidence and knowledge in user’s needs.
The magnitude of the financial challenge is such no single player can address all the issues. We can only achieve our goals if there is collaboration, as well a healthy balance between collaboration and competition among private providers. This can be structured around clear interoperability frameworks, industry standards and partnership.