Bank of Tanzania tightens conduct and branding expectations for Certified Financial Educators and warns of certificate withdrawal

The Bank of Tanzania issued a public notice reminding Certified Financial Educators (CFEs) delivering financial literacy programmes to comply with the programme’s objectives and professional conduct requirements, after concerns that some educators have been misinforming the public and misrepresenting the programme. The CFE Programme, launched in December 2023, is delivered under a memorandum of understanding between the Bank and designated academic institutions to standardise and scale financial education, particularly for out-of-school populations. The Bank reported that more than 1,388 individuals have been certified and are delivering financial education through seminars, community engagements and social media, with preliminary results showing improved financial behaviour, including greater access to and use of savings and investment products and services. It set expectations that CFEs must teach only what they were trained and certified to deliver, use correct naming and branding to avoid misrepresenting their identity, and make clear that a CFE certificate does not confer the status of a financial institution, Bank of Tanzania employee, broker, consultant, coach or financial advisor, while also disclosing other relevant professional qualifications where applicable. The Bank, working with the designated academic institutions, indicated it may take measures for non-compliance, including withdrawing CFE certificates.