Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, loan, equity, and insurance products.
Financial inclusion efforts typically target those who are unbanked and underbanked, and directs sustainable financial services to them. Financial inclusion is understood to go beyond merely opening a bank account. It is possible for banked individuals to be excluded from financial services. Having more inclusive financial systems has been linked to stronger and more sustainable economic growth and development and thus achieving financial inclusion has become a priority for many countries across the globe.
The concept of financial inclusion, extending financial services to those who typically lack access, has been a goal for the government. That gives a responsibility for financial institutions to extend their operational scales. The goal is also to optimize the running costs of the financial sectors and improve the financial business running.
It is with this course the government of Tanzania sought to bring into action the Microfinance Act of 2018, which among many things extends its responsibilities to all financial service providers and give mandate to the central Bank of Tanzania (BOT) to oversee the operations and services of the Microfinance institutions in Tanzania mainland.
Also, it gives the importance to the concept of financial inclusion and the sole purpose it to make sure financial service providers operate in an advanced manner so that they become competitive in the financial sector operations.
The truth is, with all these good improvements, financial service providers require the best financial technology solution (FinTech) systems that will help these institution operate in a way of compliance to the law and competitive in the financial service market.
Amala Core Banking is the best solution that will lead your financial institution into becoming a premium service providers. Our services are world class designed in such a way to meet and solve the operations challenges of any microfinance institution and of any scale. Amala Core Banking offers to you the best features to manage Loans, Share, Clients, Savings, SMS campaigns, Loan and Rate Calculator and so many other beautiful feature that a Microfinance institutions will need. We also comply with the laws of the land and also help our customers too, comply with the laws of the country.
Visit us today at https://amala.co.tz or Dial to us at any time on, +255 76 652 1258.