Browsing: Access to financial services in Tanzania

• Gen AI can improve efficiency and effectiveness in various financial sector applications.
  
• In the next three to five years, gen AI has the potential to revolutionize banks.
• AI can even plan overall strategy and banks to adopt or be left behind.

Generative AI is the new frontier for scientific developments and the financial sector should not be left behind. Artificial Intelligence (AI) is now used by financial institutions to model analytics, automate manual tasks, and synthesize unstructured content, sector experts say.

“In the next three to five years, Gen AI has the potential to revolutionize banks…changing entire risk and compliance functions,” notes Rahul Agarwal, Andreas Kremer, Ida Kristensen, and Angela Luge in an article published by advisory firm McKinsey and Company.

In their paper, How Generative AI Can Help Banks Manage Risk and Compliance, the researchers and financial experts describe how Gen AI can improve efficiency and effectiveness …

• Tanzania, a country with a total area of 947,300 km², is home to Africa’s second-largest cattle herd.
• Meat exports constitute about 7.1 percent of the East African country’s GDP.
• With eyes on higher revenues, Tanzania aims to produce 10,000 tonnes of meat annually by 2025.

With a big herd and stakes high in the international food markets, Tanzania has set her eyes on ambitious plan of shipping 10,000 tonnes of meat exports annually by 2025. Whereas Tanzania is home to Africa’s second-largest cattle herd, the country has been punching below its weight.

Currently, Tanzania is not one of the top meat and milk producers in the continent. The country’s situation syncs with FAO’s observation that there is no correlation between the size of cattle herds a country owns to its beef exports.

Relation between cattle herds and meat exports

In terms of the size of livestock in Africa, the Food …

Tanzania endeavors to become a middle-income economy by 2025 with a desired per capita income of USD 3000; this will be a monumental step towards economic development and growth for the country.

These aspirations can only be achieved by investing in human capital, in particular creating equal opportunities for women and men. Human capital is the driver of economic transformation and according to the National Bureau of Statistics (NBS) the population currently stands at 54 million and is projected to reach 67 million by 2025. Currently, women comprise 51.3 percent of the population, and while they play a key role in household resilience and sustaining livelihoods within Tanzania’s current economy, they face considerable challenges in other areas. For Tanzania to realize its development ambitions to attain middle-income status, these obstacles need to be addressed in order to create a level playing field that empowers women to be involved in the …