According to a recent survey, over the previous five years, the percentage of Tanzanian individuals who have access to formal financial services has climbed from 65% to 76%.

The Bank of Tanzania’s FinScope Tanzania 2023 Survey claims that the widespread use of mobile money services and the increased accessibility of formal banking options are to blame for the increase in access to formal financial services.
According to its description, FinScope is a thorough survey that targets persons in Tanzania who are 16 years of age and older on a nationwide level. Its goal is to collect demand-side data, which includes the spending habits and demands of Tanzania’s adult population.

It continues to serve as the primary data source for decisions about financial inclusion policies in TZ.

Important report highlights;

From 17% to 22% of Tanzanians now have a formal bank account (25.2% in Zanzibar).
In Tanzania, only 0.5% of people invest in the stock market.
Only 13% of Tanzanians make a consistent living.
72% more people are using mobile money services.
Cash remains king, accounting for 82% of all incomes received.
Insurance uptake fell from 15% to 10%.
People only save for their everyday costs and crises; they don’t save to invest.
75% of Tanzanians are smartphone owners.
Only 2% of persons are covered by a pension.
Family and friends are the primary source of credit for 67% of Americans.
Only 3% of landowners possess a title deed.
Although the percentage is still quite low, 89% of Tanzanians live within a 5-kilometer radius of a financial service location. People still favor making payments in cash.
Pension funds (4%), government securities (0.2%), cryptocurrencies (1.7%), UTT (1.4), and livestock (15.9%) are the investment strategies that are being adopted.

According to the 2022 National Population and Housing Census, there are currently 34.1 million adults in Tanzania, which represents around 55% of the total 61.7 million people who live there.

The percentage of Tanzanian adults who use traditional banking services has increased from 17 percent in 2017 to 22 percent as of today, a five-point increase. This expansion is largely due to the availability of financial services on mobile devices.

76 percent of Tanzanian adults currently have access to financial inclusion, which is higher than the government’s aim of 75 percent set forth in the National Financial Inclusion Framework II (NFIF II 2018-2022), according to Bank of Tanzania Governor Emmanuel Tutuba.