Govt pushes higher learning institutions to prioritize financial literacy in syllabus

By James Kandoya , The Guardian
Published at 07:00 AM Apr 20 2024
The BoT academy in Mwanza.
Photo: File
The BoT academy in Mwanza.

THE government has emphasized the importance of incorporating financial literacy into the curriculum of higher learning institutions in the country in order to improve students' personal financial management skills.

Currently, only a few institutions, such as the Institute of Finance Management (IFM) and the State University of Zanzibar (SUZA), offer courses in financial literacy.

In an effort to enhance students' understanding of personal finance, the government is urging more higher learning institutions to include financial literacy in their curriculum.

Omary Kipanga, Deputy Minister for Education, Science, and Technology, recently spoke in Dar es Salaam during the launch of a three-day workshop organized by the Bank of Tanzania (BoT) for representatives from public and private higher learning institutions.

He strongly advocates for the promotion of financial literacy as a crucial driver for the country's economic growth and sees the current moment as opportune to rally all stakeholders towards this common goal.

He stated that financial literacy is a crucial component of the government's Financial Sector Development Master Plan, which is currently being implemented by the BoT.

Kipanga stressed the importance of ongoing collaboration between the country’s central bank and higher learning institutions to ensure the sustainability of financial literacy awareness initiatives.

The deputy minister said that financial literacy will enable higher learning students in budgeting, planning, building financial discipline and risk management.

“Our ministry is ready to collaborate with BOT in an effort to ensure higher learning students in the country get financial literacy knowledge,” he said

 “Government’s goal is also to ensure off school youth in the country get financial literacy for their personal financial management,” he said.

Kipanga said that according to 2022 People and Housing Census (PHC) report, 53.4 percent of the population is working group ageing between 25-64 years.

He said the government continues to implement the financial indicator guide in order to reach the off-school population.

Deputy Governor at BOT, Sauda Kassim Msemo said that the aim of the workshop to representatives of higher learning institutions was to ensure financial literacy becomes part of the curriculum.

She said further that the government plans to ensure financial literacy is taught in all level starting with primary and secondary schools.

The deputy governor said the government is currently implementing the Higher Education for Economic Transformation (HEET) project adding that the project will increase the number of higher learning institutions offering financial literacy in the country.

Msemo said that the 2022 PHC showed that 34.05 percent of the population ageing between 15 -35 years, therefore financial literacy will increase experience to the youth on matter relating to finance.

BoT is mandated to license, regulate, supervise and de-license banks, financial institutions and bureaus de change.