benno ndulu : addressing the challenges of financial inclusion in tanzania welcome and opening remarks by mr benno ndulu, governor of the bank of tanzania, at the official launch of the national financial inclusion framework, dar es salaam, 12 december 2013. * * * your excellency, dr. mohamed gharib bilal, vice president of the united republic of tanzania ; your majesty, queen maxima of the netherlands ; honorable ministers of agriculture eng. christopher chiza and minister for finance ms. saada mkuya, your excellency ambassador of netherlands to tanzania ; ms. ertharin cousin, executive director, world food program ( wfp ), maria helena semodo, deputy director general, fao mr. adolfo brizzi, director, policy and technical assistance, ifad dr. alfred hannig, executive director alliance for financial inclusion, heads of the un agencies members of the diplomatic corps ; permanent secretaries ; deputy governors ; chief executive officers ; distinguished guests ladies and gentlemen : i am greatly pleased to welcome you all to this important event to officially launch the tanzania national financial inclusion framework. please accept my profound appreciation for accepting our invitation to attend this event. in particular, i would like to thank your excellency, dr. mohamed gharib bilal, the vice president of the united republic of tanzania, for finding the time to grace and open this occasion. special gratitute to your majesty, queen maxima of the netherlands who is the un secretary general ’ s special advocate for financial inclusion for accepting to be the guest of honor to this event. i wish to recognize a great friend of financial inclusion dr. alfred hannig, the executive director of alliance for financial inclusion who has helped to establish and grow an initiative that has enabled to engender not only global peer learning but also peer pressure to achieve ambitious targets. also for special recognition are the three guests, executive director of world food program ( wfp ), ms. ertharin cousin, deputy director general, ms. maria helena semedo food and agriculture organization ( fao ) and director, policy and technical advisory division of international fund for agriculture development ( ifad ) mr. adolfo brizzi. your excellency, your majesty, ladies and gentlemen : the framework has been developed through an elaborate process that involved all key financial inclusion stakeholders in the country with special support from financial sector deepening trust ( fsdt ) ; i thank

financial inclusion stakeholders in tanzania from the private and public sector, who are here present today. they have documented the barriers and key core enablers to be implemented with the objective of spurringfinancial inclusion in tanzania. an action plan that articulates key priority areas will be implemented by each stakeholder. the priorities areas for implementation include : • proximity : enhancing and implementing access channels, such as agent banking, mobile telephony financial services, point of sales, stand alone atms, pos and a regulatory framework that creates conducive environment for growth of financial inclusion ; • robust electronic platforms : improving, developing ict payment platforms that facilitate cost effective and secure access to financial services ; • robust information and easy client on - boarding : implementing, monitoring and enhancing use of credit bureaus, proportionate know your customer requirements and improved id system that is linked to financial systems ; and • informed customers and consumer protection : implement financial consumer protection mechanism and national financial education framework. your excellency, your majesty ; ladies and gentlemen : in order to ensure that we achieve results, the framework has set targets for financial access of 50 % by 2016, echoing our international commitment that we made in riviera maya, mexico in 2011 under the afi initiative - maya declaration. specific targets are also made for specific core enablers that stakeholders are required to implement and achieve within a span of 3 years from today. it is worth noting that some barriers are planned to be addressed within six months from the launch of the framework, while others are being addressed as i speak for example the regulatory frameworks for the cyber laws and national payment systems law. the framework also provides an elaborate measurement mechanism that will be used in the assessment of the level of financial inclusion in tanzania. based on an all encompassing working definition of financial inclusion key indicators that include usage of financial services have been developed. this is important to ensure that the efforts that stakeholders are making towards implementing the action plan have an impact on the ground. your majesty, your excellencies, ladies and gentlemen : a coordinating structure is also established to oversee and supervise the implementation process ; where an apex organ : the financial inclusion national council comprising eleven member institutions, from various ministries at permanent secretary level and heads of other financial regulatory authorities. this national council has responsibilities of bis central bankers ’ speeches ensuring that stakeholders implement the action plan as articulated in the framework. the coordinating structure upholds accountability and applies tools such as periodic reporting and assessments. an impact assessment will also