Bot, IFC Launch Campaign On Credit Reporting, Financial Literacy

BANK of Tanzania (BoT) in collaboration with the International Finance Corporation (IFC), launched a public awareness programme for Tanzanians aiming to increase the understanding, awareness of credit reporting and access to credit.

The public awareness campaign “Get Your Credit Report Today and Check your financial health to plan a better tomorrow” is supported by various players across the financial sector who have pledged their commitment to spread the awareness message of why access to credit is important and how people can live a better life by having access to their credit reports and history.

A credit report is a document that shows details of a person’s borrowings and repayment pattern. A good credit history means that a person is financially creditworthy.

The credit reports prepared by credit bureaus – Credit info and Dun & Bradstreet – can be obtained from the bureaus by anyone freely once a year.

Speaking on the launching, the Bank of Tanzania Governor, Prof Florens Luoga said the Banks and other stakeholders have commitment to increase awareness on credit reporting system and financial literacy as important elements in the functioning of the credit market, financial intermediation, financial stability and overall economic development of our country.