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The global economy will likely contract by over 5 per cent in this year 2020 due to the impact of COVID-19, according to the recently released Global Economic Prospects. The deepest global recession in eight decades is sending hundreds of millions into poverty, and recovery appears to be far off. Still, the crisis has encouraged incentives for economic transformation and adoption of digital business models, including increased use of digital financial services (DFS).
The Parliament of the United Republic of Tanzania passed the Microfinance Act of 2018 in November 2018 so as to implement the requirements of the Microfinance policy of 2017. Section 12 of the Microfinance Act gives mandate to the Bank of Tanzania (BOT) to register, supervise and regulate the businesses of microfinance service providers in Tanzania mainland.
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way.
Days are moving, people and their economic needs changes hence the economic demands must change too, to suffice the contemporary days that are overtaken and are being occupied by the technological innovations of which affects almost every sector and area.