ARUSHA, May 12 -- THE Bank of Tanzania (BoT) has emphasised the importance of expanding access to formal financial services for micro, small and medium enterprises (MSMEs), citing the sectors significant contribution to employment creation and economic growth.

BoT Deputy Governor responsible for Financial Stability and Deepening, Ms Sauda Msemo, made the remarks yesterday in Arusha during the opening of a fourday meeting of the Global Standards Proportionality Working Group (GSPWG) and the Small and Medium Enterprises Finance Working Group (SMEFWG) under the Alliance for Financial Inclusion (AFI).

She said despite the critical role played by MSMEs in supporting the economy and contributing to the countrys Gross Domestic Product (GDP), m...