The Acting Executive Director of Magu District Council in Mwanza Region, Mr. Mohammed Kiande, has called on citizens to manage their finances effectively by avoiding unnecessary debts, building wealth, and increasing their understanding of economic issues.
Mr. Kiande made these remarks during a meeting with a team of experts from the Ministry of Finance, as well as both government and private institutions, who are in Mwanza to provide financial education to various groups.
"Through this education, you can make long-term investments such as retirement savings and asset acquisition. This knowledge will help you identify opportunities and avoid risky or fraudulent investments," stated Mr. Kiande.
He further emphasized that citizens should learn how to create budgets that align with their income, save for emergencies, and invest in stocks, real estate, and businesses.
Mr. Kiande explained that financial education is crucial not only for strengthening personal financial stability but also for fostering a society with a deeper understanding of economic matters.
"If each individual takes responsibility to learn and apply these principles, we can reduce financial challenges and boost our overall economy," Mr. Kiande added.
One of the training participants, Mr. Mussa Gwandake, praised the Ministry of Finance for bringing financial education to Mwanza, noting that it will be instrumental in helping residents grow their economy.
“These lessons have taught us effective resource management, saving strategies, and how to avoid unnecessary debts. We deeply appreciate your efforts to raise citizens' financial awareness. Thank you for prioritizing our economic well-being,” said Mr. Gwandake.
On his part, the Financial Management Officer at the Ministry of Finance’s Financial Sector Development Department, Mr. Salim Khalfan Kimaro, highlighted that financial education is a key pillar for community economic development.
He underscored the importance of obtaining proper guidance on taking beneficial loans and emphasized the need for careful evaluation before borrowing to avoid unproductive debt.
"It is essential to educate people about the risks of borrowing from unregistered institutions and encourage them to choose financial organizations authorized by the Bank of Tanzania (BoT) to ensure financial security," Mr. Kimaro advised.
Meanwhile, the Small Financial Services Coordinator at Magu District Council, Ms. Lilian Michael, expressed gratitude to the Ministry of Finance for providing financial education to Mwanza residents, stating that it would help them avoid family conflicts related to financial matters.
"Before borrowing, it’s important for families to discuss the purpose of the loan, its terms, and the impact on each member. This will help assess whether there are alternative ways to access funds instead of taking a loan," concluded Ms. Lilian.