The Governor of the Bank of Tanzania (BoT), Mr. Emmanuel Tutuba, on December 18, 2023, launched the Curriculum for Certified Financial Educators at the Bank’s Sub-head office in Dar es Salaam.

Speaking at the event, Governor Tutuba, who is also the Chairperson of the Chairperson of the National Council for Financial Inclusion in Tanzania stated that the implementation of this curriculum would help address challenges arising from a lack of personal financial management skills.

"These challenges can lead to a decline in the efficiency of employees in the financial institutions we oversee, affecting the country's financial system or causing an increase in non-performing loans due to borrowers lacking personal skills in managing financial matters," he said.

He added that the National Council for Financial Inclusion in the country aims to eradicate these challenges in the country, emphasizing that the implementation of this curriculum today will fulfill that goal.

While commending the involvement of various stakeholders in developing this curriculum, Governor Tutuba directed the Secretariat of the National Council for Financial Inclusion to ensure that the program's implementation is sustainable, inclusive, innovative, measurable, and reportable.

"I am directing the Secretariat to ensure that citizens outside the formal education system receive this education and necessary skills for managing personal financial matters, involve various stakeholders in gathering opinions, the use of innovative means and sound technology in providing education, and sharing of timely  information  to the public and leaders for effective supervision."

Earlier, the Deputy Governor for Financial Stability and Deepening, Ms. Sauda Msemo, stated that the curriculum aims to promote ethics in the use of finances. She also added that the launch of this curriculum is evidence of the Bank’s ongoing efforts to ensure citizens receive financial education due to its importance in the economic well-being of the country.

The Executive Secretary of the National Economic Empowerment Council, Beng’i Isaa, mentioned that a lack of financial education leads citizens, especially women, to make wrong financial decisions, such as taking loans without understanding their implications.

"Many women have been taking loans without having an understanding on the interest rates. It's only during the repayment period that they realize this; if they had financial education, these challenges would not exist," she said.

She added that the implementation of this curriculum will help people acquire the skills to manage their finances, rather than letting finances control them.

Prof. Andrew Mbwambo, Deputy Vice-Chancellor of the Iringa University which is one of the Universities which has entered into an agreement with BoT to provide this education, heaped praise to the Bank for involving both government and private academic institutions in the preparation of the curriculum.