DAR ES SALAAM, Oct. 8 -- STRENGTHENING the savings culture is critical to deepening financial inclusion and increasing the flow of funds into the formal financial system, as financial institutions step up efforts to encourage households and businesses to save.

Letshego Faidika Bank Tanzania Limited Chief Executive Officer, Baraka Munisi said strengthening savings habits was important in expanding access to formal financial services and encouraging Tanzanians to build a consistent culture of saving.

The bank has launched a 12-week deposit mobilisation campaign, dubbed “Weka Tukuwekee!”, offering customers weekly cash prizes, monthly bodaboda rewards and a grand prize of a cargo tuk-tuk.

“As part of the campaign, the ba...