Bill Gates reflects on Financial Inclusion in Tanzania

Bill Gate was in Dar es Salaam to support Tanzania’s financial inclusion agenda, among other BMGF projects. Joining leaders from government, financial service providers, mobile network operators and digital financial service providers, he took part in roundtable discussions to explore the potential contribution of digital financial services in improving livelihoods and enterprise productivity across the country.

As the co-founder of the Bill and Melinda Gates Foundation and active supporter of financial inclusion, Bill Gate also reviewed the progress of projects supported by the Foundation that are geared towards financial inclusion.

Under its Financial Services for the Poor programme, the Foundation aims to “help people in the world’s poorest regions improve their lives and build sustainable futures by connecting them with digitally-based financial tools and services.”

Innovation and investment in technology aimed towards digital financial services, together with government and regulatory support, have made a significant impact on financial inclusion in Tanzania over recent years.

Over half of the Tanzanian adult population now has access to financial services due to the introduction of mobile money which can facilitate transactions even in the most remote areas of the country. Widespread adoption of digital financial services has grown rapidly contributing to financial inclusion to a significant extent. In 2009 the level of exclusion was 55.4%, which decreased to 27.4% in 2013.

During the round table discussions, Bill Gate referred to the importance he places on his Foundation’s work in Tanzania, saying “Part of the reason we value our work in Tanzania, is that it is such an important country but also because there is a lot of leadership activity on shared infrastructure including interoperability and National Identification.”

He then talked about the potential for merchants to receive electronic payments and of how interoperability could reach across the region. He also discussed how he could support Tanzania in achieving joined-up systems for IDs and government payments.

The roundtable discussions took place on Tuesday 8 and Thursday 9 August 2017 in Dar es Salaam with an invited audience representing key stakeholders.