Kenya, Tanzania to boost financial inclusion
By Print Print, March 26, 2024Kenya and Tanzania have launched a project in partnership with the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) to boost financial inclusion in the two countries.
Simon Chelugui, cabinet secretary in the Ministry of Cooperatives and Micro, Small and Medium Enterprises (MSMEs) Development told journalists in Nairobi, that the Financial Inclusion in Kenya and Tanzania project (FIKT) is a two-year initiative that targets women and youth in Savings and Credit Cooperatives (SACCOs) to enhance their financial literacy.
“The project will empower communities by extending access to affordable financial products and services such as savings, loans, and insurance,” he said. Chelugui added that the project will provide financial tools that are tailored to the unique needs of low-income households.
Promote innovations
Hassani Mnyone, chief executive officer of Savings and Credit Cooperative Union League of Tanzania (SCCULT), the umbrella organisation of Saccos in Tanzania, said the project will promote innovations like mobile banking, which can deepen financial access in East Africa.
Mnyone said the project will also organize community-based outreach programs to guide the registration of informal savings and investment groups that cater to individuals with limited access to traditional financial services.
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