Tanzania's Ministry of Finance delivered a financial education session for staff of the Rorya District Council and highlighted that the Bank of Tanzania sets a maximum interest rate of 3.5% per month for loans provided by microfinance groups and other microfinance service providers, equivalent to 42% per year. The ministry’s financial education team explained that the cap is assessed as part of the licensing process and should be the rate applied to borrowers, with any higher charge treated as a breach of the relevant guidelines and procedures. The session also covered practical borrower protections, including verifying interest rates before borrowing, directing borrowing to income-generating uses, reading loan contracts carefully and seeking advice where terms are unclear, as well as checking that employer social security contributions are being remitted. Separately, UTT AMIS’ representative encouraged employees to consider investment options such as government bonds and equities, noting that the Dar es Salaam Stock Exchange has 28 listed companies and that equity investment should be approached as long term given price fluctuations.

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