Tanzania: Over 3,500 Students Benefit From Financial Literacy Training

By Alexander Sanga, Mwanza

THE Savings Banks Foundation for International Cooperation (SBFIC) has provided financial training in money management and savings to 3,500 Mwanza primary school pupils and secondary school students.

SBFIC Country Director, Stephen Safe said this during World Savings Week. Mr Safe said financial management was very important for children to know how to manage money from an early age.

He said so far in Mwanza Region, 3,500 schoolchildren had benefited from financial management education while in Karagwe District, Kagera Region 3,000 schoolchildren had benefited from such education.

He said in Mwanza Region they were collaborating with 12 schools and they taught financial management from Standard Three to secondary school level.

He noted that when pupils and students were taught financial education, it helped them to save and respect money.

Mr Safe noted that their organisation also taught financial education to parents who were required to have an integrated family budget, so that they could plan financially.

He said if people know how to save their money it will be very helpful in moving forwards, thus Tanzania's industrial and trade policy will be successful.

Mr Safe said SBFIC and its partners in the country sought to strengthen the microfinance sector and promote vocational and financial education amidst broader segments of society. These actions enhance financial inclusion and contribute to poverty eradication.

Capacity Development Adviser (SBFIC), Tunu Kimei said the benefits of investing were very helpful during emergencies and savings started to be kept to a minimum.

Financial management is one of the most fundamental practices in any enterprise or business, including schools and other educational institutes. It essentially means planning, organising, directing and controlling the financial activities in schools, so that the financial resources are used in an efficient and effective manner.

Furthermore the motivation to save can increase incomes and savings in various forms and these forms need to be channelled through a financial system.