DAR ES SALAAM
THE government has directed the Higher Learning Institutions in the country to incorporate financial literacy in their curriculum to enhance students’ personal financial management.
So far there are only three higher learning institutions teaching financial literacy including the Institute of Finance Management (IFM) and the State University of Zanzibar (SUZA).
Deputy Minister for Education, Science and Technology Omary Kipanga said that on Thursday this week in Dar es Salaam when launching a – three days workshop organized by the Bank of Tanzania (BoT) to representatives of public and private higher learning institutions.
He said financial literacy was very important for the country’s economic development therefore it was the right time to engage all stakeholders.
He said the financial literacy is part of the government Financial Sector Development Master Plan currently implemented by the BOT
Kipanga said that BOT in collaboration with higher learning institutions must ensure that financial literacy awareness becomes sustainable.
The deputy minister said that financial literacy will enable higher learning students in budgeting, planning, building financial discipline and risk management.
“Our ministry is ready to collaborate with BOT in an effort to ensure higher learning students in the country get financial literacy knowledge,” he said
“Government’s goal is also to ensure off school youth in the country get financial literacy for their personal financial management.” he said
Kipanga said that according to 2022 People and Housing Census (PHC) report, 53.4 percent of the population is working group ageing between 25-64 years.
He said the government continues to implement the financial indicator guide in order to reach the off school population.
Deputy Governor at BOT, Sauda Kassim Msemo said that the aim of the workshop to representatives of higher learning institutions was to ensure financial literacy becomes part of the curriculum.
She said further that the government plans to ensure financial literacy is taught in all level starting with primary and secondary schools.
The deputy governor said the government is currently implementing the Higher Education for Economic Transformation (HEET) project adding that the project will increase the number of higher learning institutions offering financial literacy in the country.
Msemo said that the 2022 PHC showed that 34.05 percent of the population ageing between 15 -35 years, therefore financial literacy will increase experience to the youth on matter relating to finance.
BoT is mandated to license, regulate, supervise and de-license banks, financial institutions and bureaus de change.
The Bank of Tanzania is empowered by the National Payment Systems (NPS) Act 2015.
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