"I take pride that, the government's policies are aligned with inclusivity, and the support from the market and international community further accelerates efforts to ensure no one is left behind in financial inclusion."
According to a study conducted by the Bank of Tanzania (BOT) in July 2024, women hold 25% of board positions and 30% of senior management roles in commercial banks in the country[1]. These findings were highlighted in an official BOT circular that stressed the strategic importance of gender diversity and required banks to submit action plans within six months to address these disparities.
While this progress is encouraging, the gender financial inclusion gap remains. Women in Tanzania are still more likely than men to be excluded from formal financial services[2]. These statistics reflect the real-life challenges millions face, especially in rural areas where access to banking, credit, and digital financial tools remains limited.
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We recently caught up with Ms. Sauda Kassim Msemo, Deputy Governor for Financial Stability and Deepening at the Bank of Tanzania, to learn more about her career journey and how she is actively working to reduce the gap. In her role she leads systemic reforms to expand opportunities for women and youth. As an active member of the Graça Machel Trust's Expert Leaders Group in Financial Inclusion, she collaborates with female African leaders to promote economic inclusion through policy and advocacy. Her commitment to uplifting others ensures that every woman and girl in Tanzania can envision a future where they have a seat at the table.
A journey rooted in purpose and learning
DG Msemo's path to Leadership began with a young girl's curiosity about the role of money in society and a desire to make a difference. "My parents inspired me early in life while I was still in primary school," she recalled. "They challenged me and my siblings with real-life examples, encouraging us to reflect on how we could use our education to help others, especially those in rural settings."
This early inspiration guided her academic choices. "The introduction to business studies rekindled my passion, aligning closely with my childhood quest."
Her education took her beyond Tanzania to Glasgow (United Kingdom) and Kuala Lumpur (Malaysia), broadening her perspective and expertise. Today, she is the second woman to hold the Deputy Governor position at the Bank of Tanzania--a milestone she approaches with humility and a commitment to service.
Financial inclusion in everyday life and national development
For DG Msemo, financial inclusion is more than a policy goal. It is a lived reality. She explained: "Thanks to the government and private sector efforts to digitise payment services, I manage my financial needs easily and conveniently. However, 19% of Tanzanians remain excluded from formal financial services, with women and youth most affected."
Her emphasis was on the consequences of this exclusion: "The lost opportunity for women and youth to access financial services affects both personal lives and the country's economic growth." Recognising this, Tanzania's government and central bank have made financial inclusion a national agenda issue, developing policies, fostering partnerships, and encouraging market innovations to accelerate progress.
Reflecting on her career, DG Msemo highlighted four core values essential for growth: attitude, excellence, integrity, and presence. "I liken them to the legs of a table or chair--each one supports and balances the others to maintain stable growth."
In her leadership roles, she has mentored women and youth to embrace these values, noting that those who do, tend to succeed both professionally and personally.
Collaboration: The key to progress
"Inclusion doesn't happen in isolation," DG Msemo said. Having worked closely with international institutions such as the World Bank, International Monetary Fund, African Development Bank, Alliance for Financial Inclusion, and grassroots organisations, she has contributed to bringing new ideas and resources to Tanzania's finance sector.
At home, she highlighted the success of the National Financial Inclusion Framework, a public-private partnership where each member commits to specific targets and is held accountable. She chairs a roundtable of female bank leaders focused on closing gender gaps in banking services, acknowledging that "the gender gap remains a challenge both at management and board levels." Together, they have developed a clear roadmap with time-bound goals and follow-up mechanisms.
Beyond her formal roles, DG Msemo motivates girls at Ashira Secondary School, as alumni, encouraging them to pursue Science, Technology, Engineering, and Mathematics - STEM education and leadership. "Inspiring girls early is essential for sustainably closing gender gaps, thanks to intentional policy drive by the government to prioritise these subjects for girls" she said. She also participates in international initiatives such as the Graça Machel Trust's Expert Leaders Group, the Alliance for Financial Inclusion, the African Development Bank's Afawa programme, IFC and World Bank's Women Entrepreneurs Finance Initiative, and the Gates Foundation. These collaborations have helped Tanzania adopt best practices and strengthen its voice on women's financial inclusion.
Political Leadership and a vision for the future
Despite greater access to financial services than ever before--thanks largely to the widespread use of mobile money--women in Tanzania still face significant barriers to fully utilizing these services and remain underrepresented as leaders in the financial sector[3]. DG Msemo is hopeful about the positive changes underway and believes that leaders, communities, and young people all have important roles to play in supporting women to become active users and leaders in finance.
She explained, "I am very optimistic about the changes underway. I feel privileged to live at a time when our country's leadership actively champions equity, diversity, and inclusion, led by Her Excellency Dr. Samia Suluhu Hassan, President of Tanzania. Reinforced by Her Excellency championing the Generation Equality Forum in Tanzania, where she established a National Advisory Committee - which I am privileged to be a member - that has worked with the national and international stakeholders in advancing gender equality and women's empowerment.
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I take pride that, the government's policies are aligned with inclusivity, and the support from the market and international community further accelerates efforts to ensure no one is left behind in financial inclusion. This alignment is my key source of hope."
DG Msemo highlighted that support for women must come from creating space and trust rather than charity. "Women have repeatedly shown they are equal partners in economic growth, managing families, which are the backbone of society. They need support through trust and a mindset shift that recognises the unique gender roles limiting their ability to compete equally with men. If meritocracy and equality prevail, women will continue to thrive as active users and leaders in finance."
Reference
[1] https://www.bot.go.tz/Publications/Regular/Annual%20Report/en/2024123015411243.pdf?utm_source=chatgpt.com
[2] https://finmark.org.za/Publications/UN_Women_SADC_FI_Statistical_Report.pdf, see page 13 of the report
[3] https://www.afi-global.org/sites/default/files/publications/2017-11/AFI2017_Gender_full_AW_ISBN_digital.pdf
