Monday, July 9, 2018

Regulator calls for relevant approach to boost services

PichaDAILY NEWS Reporter in Dodoma
THE Financial Sector Deepening Trust (FSDT) FinDisrupt boot camp for regulators has called for a human centred design as a product development approach for relevant financial services in the market.

A three-day meeting, christened FinDisrupt Regulator, focused on exciting and capacitating financial sector regulators on the potential outcome of utilising grassroots data for refining policies and driving for innovation. The aim is to ensure regulators have an empathetic policy design.
The boot camp sought to leverage end user evidence and insights to start conversations on how financial service providers and policy makers can develop innovative solutions that meet appropriate needs of their users.
The boot camp brought together regulators from the Bank of Tanzania, the Ministry of Finance, the Zanzibar Ministry of Finance, the Ministry of Industry, Trade and Investment, the Tanzania Insurance Regulatory Authority (TIRA), the Tanzania Association of Micro finance institutions and President of the Insurance Institute, among others.
FSDT Executive Director Sosthene Kewe said the FinDisrupt brought together policymakers, key regulators and leaders of the Industry Associations in the spirit of creating an enabling environment to promote uptake and usage of financial services by enterprises, farmers, women and the youths in Tanzania, which is the premise for the National Financial Inclusion Framework (NFIF) 2018-2022.
“This will reinforce the alignment with the drivers of usage - relevance, appropriateness, convenience and affordability,” he said.
Tanzania Bank Association Executive Director Tuse Joune said the boot camp was an eye opener as it brought them in contact with end users of their solutions.
She proposed some things that could be done from a policy and regulatory perspective, including reducing the cost of financial service delivery like having a national pay out system to lower operating costs and also bring financial services closer to consumers in rural areas.

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