Tanzania's Ministry of Finance, working with the Bank of Tanzania and financial service providers, has launched a financial literacy outreach in Ngorongoro District Council in Arusha region, urging residents to use formal financial services for saving and borrowing rather than keeping money at home. The programme emphasised the safety risks of holding cash at home, including loss from fire or theft, and encouraged bank use to support savings and access to credit. Ministry of Finance officials advised borrowers to take loans only from institutions registered by the Bank of Tanzania and to check interest rates to avoid non-compliant, oppressive lending terms often described as “kausha damu”. The Bank of Tanzania’s legal officer also stressed that loan collateral should be formally valued, warning against pledging unvalued land or house deeds that could be sold below value if a borrower defaults. Outreach activities in Ngorongoro are continuing, with farmers, pastoralists and entrepreneurs expected to receive the financial education sessions.

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