Tanzania Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations
In 2011, only 17.3 percemt of adults in Tanzania had an account at a formal financial institution and 56 percemt did not have any access to financial services. Most of the population lives in rural areas with very low incomes and poor infrastructur...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/733921483700328273/Key-findings-and-recommendations http://hdl.handle.net/10986/25883 |
| Summary: | In 2011, only 17.3 percemt of adults in
Tanzania had an account at a formal financial institution
and 56 percemt did not have any access to financial
services. Most of the population lives in rural areas with
very low incomes and poor infrastructure, and women are
especially disadvantaged. Such limited access to formal
financial services also inhibits financial literacy –
awareness of benefits and risks, and how to take advantage
of opportunities. Despite significant challenges, all
institutional elements of the formal financial sector in
Tanzania are in place, helping its gradual expansion, and in
some segments technology is driving rapid growth –
particularly in mobile and electronic payments. Still, gaps
and weaknesses in financial consumer protection and
financial education remain some of the main obstacles to
sustainability and greater trust in the financial sector.
This Diagnostic Review was requested by the Ministry of
Finance of Tanzania in November 2012. It provides a detailed
assessment of Tanzania’s institutional, legal and regulatory
framework against the World Bank’s Good Practices for
Financial Consumer Protection. Three segments of the
financial sector have been analyzed: banking, microfinance,
and pensions. Insurance and securities segments will be
considered at a later stage. Volume I of the Review
summarizes the key findings and recommendations and Volume
II presents a detailed assessment of each financial segment
compared to the Good Practices. |
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