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Stakeholders of the East African Community (EAC) converged in Dar es Salaam, Tanzania, to discuss how research can help citizens join and benefit from financial systems.
AERC’s Executive Director, Prof. Victor Murinde, stated during the Regional Policy Forum, “Residents want to do business and send their children to school. We want financial services to be readily available for all, especially digitally, so that one does not need to go to the bank to carry out transactions at any time.”
The stakeholders urged the government to establish financial institutions that would benefit rural citizens. They stated that current policies are more focused on profit-making than on the rights of residents, especially those living in rural areas.

The request came after the realisation that most government services are found in urban areas, leaving many rural residents without them.
Member of Parliament for the EAC, Prof. Humphrey Moshi said, “We must ensure that the government has financial institutions that reach those in rural areas and reach farmers. Private institutions can’t reach those areas as they are looking to make a profit, and looking at what the farmer earns, how will they accomplish this? We need to have institutions in place that look out for the different communities, such as farmers and herders in the rural areas.”

Dr. Anne Kamau, a Kenyan citizen, shared that EAC residents needed more access to ICT services and connectivity, including better smartphone services, so that they could carry out mobile transactions more easily. ”The government should also educate women and the youth on financial literacy to ensure that they also benefit from the financial services.”