Tanzania’s Ministry of Finance published an update from a Financial Sector Steering Committee meeting, highlighting what it described as successful implementation of the Financial Sector Development Plan in expanding access to inclusive financial services, supporting technology use and strengthening overall sector stability. The ministry urged committee members and sector stakeholders to sustain and improve implementation efficiency to deliver the plan’s indicators by 2029/30. Priorities flagged for continued work include accelerating adoption of digital payment systems to support a cashless economy, building a financial sector database to improve access to sector statistics, and strengthening protection of payment systems users and controls against cyber theft through supervisors. The update also pointed to continued product and service innovation, delivery of a Financial Education Programme, and stronger coordination on financial sector matters in regional and international forums. On microfinance, the government reported 2,342 non-deposit-taking microfinance institutions as of December 2024, 964 licensed SACCOS and 58,926 registered groups, alongside delivery of financial education in 17 regions and preparation of an SME Financing Strategy (2023/24–2028/29) and an Alternative Project Financing (APF) Strategy. Reported outcomes included 13.8% growth in financial sector activity in 2024, financial inclusion rising from 65% in 2017 to 76% in 2023, non-performing loans declining to 3.3% in 2024 from 9.4% in 2020, the sector’s GDP contribution increasing to 3.1% in 2024, and private sector credit-to-GDP rising from 10% in 2021 to 17.2% by June 2024.

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