Categorized | Alumni, News

Financial literacy and cyber security in Tanzania

This article is to revisit a workshop led by Commonwealth Alumni on the taxation system , financial literacy, and cyber security in Tanzania, held on 2 November 2019 in Dar es Salaam.

The event was split into three sessions:

  1. The taxation system in Tanzania, delivered by Donald Nsanyiwa (2005 Shared Scholar, MSc Information Systems, University of Leeds)
  2. Financial literacy, delivered by Annamaria Mwamyalla (2014 Scholar, MSc Development Economics and Emerging Markets, University of York)
  3. Cyber security, delivered by Macbethana Wilfred (2016 Scholar, MSc Cyber Security, University of Southampton)

Mpoki Mwakilasa, Programme Manager, British Council, gave introductions to the event and speakers. Donald opened the event with a session on the taxation system and discussed the different types of taxes that exist in Tanzania and how each are calculated. For the entrepreneurs in attendance, this talk enabled them to understand how to navigate the tax system and ensure their companies adhere to tax law and rules. Donald stated, ‘Ignorance of the law is not a defense’ and emphasised that the ‘Government should use tax as a tool for development rather than a tool for revenue collection’.

Following this session, Annamaria discussed the different components of financial literacy, including earnings, savings, investments, spending, and borrowing. She talked about the different methods of saving and stressed the importance of budgeting. She shared that ‘budgeting is creating a plan to spend your money… Set realistic and measurable goals., start small, start now!’

To wrap up the event, Macbethana delivered a talk on the increase in the usage of the internet and mobile technologies, especially in financial services in Tanzania, and how this brings new challenges, specifically cybercrime. She shared a few precautions individuals can take to avoid data breaches and financial risk. She also highlighted that as the use of technology and smart phone ownership continues to grow, it will heighten cyber risk and vulnerabilities, especially in Africa. As such, she encouraged students in attendance to think about and explore cyber careers to support this area of technology development.

The three sessions were followed by a Q&A with each presenter.

If you are a Commonwealth Alumnus and would like to find out more about CSC events and activities taking in Tanzania, please contact alumni@cscuk.org.uk.

Photos on flickr

@commschols on Twitter

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