DAR ES SALAAM: Strengthening the savings culture is vital for enhancing financial inclusion and boosting funds within the formal financial system, according to financial institutions’ new initiatives aimed at encouraging households and businesses to save.
Baraka Munisi, Chief Executive Officer of Letshego Faidika Bank Tanzania Limited, emphasised the importance of cultivating savings habits to expand access to formal financial services and foster a consistent saving culture among Tanzanians.
The bank has launched a 12-week deposit mobilisation campaign called “Weka Tukuwekee!” which includes weekly cash prizes, monthly rewards of bodaboda (motorcycle taxi) rides, and a grand prize of a cargo tuk-tuk.
“The campaign features branded activation vans that will bring banking services directly into communities, allowing customers to open accounts, receive cards, and activate them on the spot,” Mr Munisi stated.
Running until December this year, the campaign is active in the bank’s five operational zones: Southern, Northern, Central, Lake, and Western.
Mr Munisi further explained, “This campaign is designed to make saving more accessible, convenient, and rewarding. We are committed to making savings easy and beneficial for all Tanzanians.”
The bank has also expanded its deposit channels through branches, satellite offices, wakala agents, and mobile money platforms like M-Pesa, Airtel Money, Tigo Pesa, and HaloPesa.
Eddie Mhina, Head of Business at Letshego Faidika Bank, added that the campaign aims to assist entrepreneurs in developing a consistent savings culture as they grow their businesses.
