BoT raises awareness on proper handling of banknotes

DODOMA: THE Bank of Tanzania (BoT) has urged the public to take greater care of their money, particularly banknotes, to ensure they remain in good condition and continue circulating for a longer period.

The call was made yesterday by the central bank’s Manager for Banking and Currency Services-Dodoma Mr Nolasco Maluli during a financial education seminar for people with special needs in Morogoro Region.

He said the public have a responsibility to handle banknotes properly, describing currency as a national asset that should be protected from deliberate damage.

“We continue to provide education to the community at large to take care of our money that it should be protected because it is a national asset, and it is not permitted to damage it in any way,” he said during the presentation.

The BoT official also reminded participants that deliberately damaging currency without lawful authority is prohibited under the law.

The restriction is provided for under Section 332A of the Penal Code, Chapter 16, 2023 Revised Edition, which prohibits a person from, without authority and intentionally, damaging, tearing, cutting or otherwise defacing a banknote.

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Mr Maluli said financial education remains an important tool in helping citizens understand their responsibilities in managing money and participating effectively in the formal financial system.

He said extending such education to people with special needs was part of efforts to ensure that financial knowledge reaches different segments of society and contributes to a more inclusive economy.

BoT’s move to extend financial education to people with special needs signifies a commitment to promoting inclusive access to financial knowledge and ensuring that no group is left behind in the country’s economic development.

SEED TRUST’s Executive Director Ms Margaret Mkanga underscored the importance of financial education among people with special needs, saying it could help empower them to participate more effectively in economic activities.

Ms Mkanga said strengthening financial knowledge among different groups was also important in supporting the country’s long-term development aspirations under the Tanzania Development Vision 2050.

She called for continued collaboration among public institutions, civil society organisations and other stakeholders to ensure that financial education programmes reached people across different sections of society.

Furthermore, Morogoro Municipal Council’s Non-Governmental Organisations Coordinator Ms Simfonsa Mollel said such initiatives were important in promoting financial inclusion by ensuring that people with different needs had access to knowledge that could help them make informed financial decisions.

She added that continued financial education would help build a more inclusive economy in which all members of society could participate in and benefit from economic opportunities.

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