ARUSHA, May 16 -- DESPITE strong growth in the countrys banking industry in recent years, nearly 78 per cent of the population still remains outside the formal banking system.

This prompting government calls for lenders to intensify efforts to expand financial inclusion. Finance Minister Khamis Musa Omar said on Friday that formal banking inclusion stands at only 22 per cent, even though the broader financial inclusion landscape has improved significantly when mobile money services are taken into account.

“Banks should work extensively hard to reach the remaining percentage. Mobile phone penetration is welcome, but the banking sub-sector should make more effort to reach the remaining banking population,” Amb Omar said.

He w...