National Financial Sector Skill Development Strategy in Tanzania
The Financial Sector Deepening Trust’s overall aim is to develop a deeper financial system that can provide greater access to finance to more Tanzanians. As this goal cannot be achieved without an educated workforce, it is critical that human capital be perceived as a value-adding resource to implement the plans and strategies towards this objective.
In 2013 FSDT Tanzania carried out research on the skills level in the financial sector in Tanzania and a skills inventory report was issued. In 2018 FSDT Tanzania appointed IPC to update this report; in addition, the project objectives were to:
- Assess the skills levels as well as current and emerging (digital finance) human capacity needs in the financial sector in Tanzania
- Provide insight into how the financial industry is addressing skills gaps
- Develop the National Financial Sector Skills Development Strategy 2018-2021 and propose an actionable plan for implementing the strategy
The IPC experts outlined current and future skills needs in the financial sector in Tanzania, taking into consideration new developments and digital technology in the sector, and proposed a methodology for future capacity-needs assessments.
In the final stage of the project, IPC experts prepared a report on findings, conclusions and recommendations, and outlined a strategy, the National Financial Sector Skills Development Strategy 2018-2021, identifying priorities and proposing an action plan to address the identified skills gaps in the financial sector in Tanzania.
The experts proposed introducing a coordination mechanism at the national level so that the key stakeholders (education providers, policymakers and regulators, along with the financial sector) can work together to implement the recommendations.