Tanzania has recently announced its National Budget of the financial year 2020/21 with which it touches many areas whereas the financial sector is not an exception of the course. The budget that gives and shows the roadmap of the financial sector in the financial year 2020/21.
As it is known that the Microfinance sector is the sector under the Finance Ministry and so it is even more concerned in its day to day operations as the nation budget is so concerned. In his words the Minister for Finance and Economic Planning Dr. Phillip Mpango says, “The Financial sector analysis conducted over period of January to April 2020 shows that unlike most countries whose economic have suffered a setback, the like to Tanzania has been minimal considering the outbreak of the Covid-19.”
According to the assessment indicates that there are areas where the effects of Covid-19 were marginally or not at all experienced including the Gross domestic revenue which increased by 8.2 percent for the period of January to April 2020 to a tune of Sh6.8 trillion during the same time.
However, the case the financial situation has not been the way it has been expected more because of the outbreak of the Covid-19 pandemic. But the Financial situation has managed to maintain the crisis. The key to this is operations that do not require physical attendance. Many of the business that have not been largely affected by the pandemic outbreak have adopted and exercised the use of Technology in their operations. The Central Bank guidance upon the sector for the time even before the outbreak has been emphasizing the operators and institutions at large in this a mandatory use of Technology and evacuate from the manual practices.
Maybe the concerns was difficult to adopt and even to understand but the outbreak however terrific one thing it has taught us is the importance of technology and more especially in the financial sector. Of all sector addressed in this National Budget the Financial sector is one that has surpassed the expectations of the pandemic attack and shown an example to other sectors, and the secret behind has been the use of technology (FinTech).
In the long run to fixing the economic situation that was dismantled by the pandemic eruption, the financial sector through the use of FinTech leads the frontline battle and that is not a one day tusk but an ongoing responsibility that financial institutions at large have been shaped to operate under.
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