NEW YORK: PRIME Minister Kassim Majaliwa has urged development stakeholders to support developing countries in creating and implementing inclusive financial systems for sustainable economic growth.
Speaking during the opening of the discussion on the 15-year of inclusive financial system for development at the ongoing 79th session of the UN General Assembly (UNGA 79), in New York, US, the Premier said inclusive economy is crucial in the implementation of the 2030 sustainable development agenda.
“Inclusive financial services are a crucial link to economic growth, poverty reduction and overall community development,” he said at the meeting organised by the Netherlands Queen Máxima Zorreguieta, a UN Secretary General’s Special Advocate for Inclusive Finance for Development (UNSGSA).
The Premier praised Queen Maxima for her efforts that have significantly increased access to financial services worldwide, with over 50 per cent of people benefiting from the program in the past decade.
“The ownership of accounts globally has increased from 51 per cent in 2011 to 76 per cent in 2021. This is a significant achievement, but challenges remain, especially for women living in developing countries, where many are still not included in the financial inclusion system,” said Mr Majaliwa.
Earlier, Queen Maxima expressed her satisfaction with the progress made compared to previous conditions.
“When we started this work to promote inclusive financial systems, we had no data at all. We later grew to 50 per cent and now we are approaching 80 per cent.
I recognise that 80 per cent is not the same as 100; I must admit that work has been done,” she said.
She highlighting that there is still more work to be done and that the current strategy is to reach the 1.5 billion people who are still unserved by inclusive financial services.
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She expressed her comfort in seeing people from various demographics using the systems in areas where financial services are available.
“Women are saving money and educating their grandchildren, while young entrepreneurs are using these services to manage their finances, access small loans and grow their capital,” she said.
In another development, the Premier has expressed gratitude to the US government for support provided to Tanzania through various stakeholders such as USAID, Vodafone Foundation, Rockefeller Foundation and Ford Foundation especially in the areas of economy, social development and good governance.
He said President Samia Suluhu Hassan appreciates the support and that it is in line with the government reforms that aim at bringing equality in the country.
“Tanzania is committed to improving its legal systems and strengthening democracy to foster inclusivity and sustainable development.
We recognise that we must unite our efforts as we face global challenges such as economic disparities, climate change and political turmoil,” he said.
“The partnerships like the one we take pride in today are the foundation for bringing about change and sustainable development.”
