MBEYA: Minister of Education, Science, and Technology, Prof. Adolf Mkenda, has urged financial institutions across the country to ramp up their efforts and refine their strategies for educating diverse social groups, particularly students and rural citizens, on the utilization of formal financial services.
Prof. Mkenda emphasized that these initiatives are not only crucial for catalyzing inclusive economic growth, but also pivotal in supporting the government’s Comprehensive Plan for the Development of the Financial Sector, especially in disseminating knowledge about formal financial services to the populace.
His remarks were made during a visit to the NBC Bank booth at the national Financial Services Week, held at the CCM Ruanda Nzovwe grounds in Mbeya.
“I am a personal customer of NBC Bank, which highlights my firsthand experience with their efforts. The bank has successfully reached out to communities in even the most remote areas, offering both education and services. I encourage you to maintain this momentum; the government’s objective is for 80% of citizens to use formal financial systems by 2026,” Prof. Mkenda stated.
Khalid Omary, the Manager of NBC Bank’s Mwanjelwa Branch, reported that the bank is actively implementing its Development Plan aimed at bringing financial services closer to the public, with a particular focus on rural areas through specialized services designed for those communities.
He noted that the bank has made substantial investments in digital banking services while also expanding its physical presence by opening new branches, installing Automated Teller Machines (ATMs), and engaging financial service agents in various regions, including rural settings.
“Our involvement in such events primarily focuses on providing financial education to a broad spectrum of citizens, including primary, secondary, and college students, as well as individuals from diverse economic backgrounds who visit our exhibition booths,” Omary explained.
He added that the efforts have significantly shifted public perceptions regarding formal financial institutions. Many individuals have opened accounts and have committed to abandoning outdated and risky practices of storing their money, such as keeping large sums at home.
“As a result of this heightened awareness, there has been a notable increase in the number of citizens benefiting from various financial services offered by the bank, including loans—especially tailored for businesses—fostering the growth of their ventures,” he added.
This year’s Financial Services Week celebration is noteworthy as it marks the fourth national event of its kind, and the first to be held in the Mbeya region.
