AUTHORITIES in Ukerewe District, Mwanza Region have recognised the vital role that financial service providers play in enhancing access to financial services, especially in rural and underserved communities.

The acknowledgement came during a meeting with experts from the Ministry of Finance who are in Mwanza to provide essential financial education to various local groups.

Ukerewe District Commissioner Christopher Ngubiagai highlighted that financial service providers are critical in empowering citizens by offering education on access to loans, encouraging savings, and facilitating digital payments, which are especially valuable in rural areas with limited access to traditional banking.

“The government will continue to collaborate with financial service providers to strengthen services and expand access, particularly to rural and remote communities,” Ngubiagai said, underscoring the government’s commitment to improving financial inclusion for all Tanzanians.

He also stressed the importance of ensuring that financial service providers adhere to regulations, laws, and guidelines to ensure safety and reliability of financial systems while also building public trust in the sector.

Goodlucky Mtigandi, Ukerewe District Council Acting Executive Director, highlighted the critical role of financial education in addressing growing concerns about predatory lending practices in the district.

“The financial education training is well-timed as it helps the community understand the importance of sound financial management and how it can positively impact both their present and future well-being,” he said.

Elizabeth Mnzava, Financial Management Officer from the Ministry of Finance’s Financial Sector Development Department, urged financial institutions to adopt ethical practices such as returning collateral to borrowers once loan repayments are completed, to further build trust in the financial system.

Baraka Jeremiah, Chairman of Ukerewe District Chamber of Commerce, called on the government to continue providing financial education to both borrowers and lenders.

He emphasized that better understanding of rights, responsibilities and regulations on both sides will ensure smooth operation of financial transactions in the district.