New partnership to empower revenue workers

TANZANIA Revenue Workers Union (TAREWU) members are set to benefit from enhanced financial literacy, savings and investment opportunities following a partnership between the union and TIB Rasilimali Limited.

The partnership, formalised through a memorandum of understanding (MoU), seeks to equip workers in the revenue collection sector with knowledge and skills in financial planning, income and expenditure management, savings and investment, particularly through capital markets.

Speaking at the signing ceremony, TAREWU Secretary General, Dr Michael Marere said the partnership was part of the implementation of the union’s second strategic plan, which places emphasis on improving members’ welfare and strengthening their capacity to cope with economic challenges.

He said the union recognised that members’ welfare extended beyond workplace interests, noting that financial stability could also contribute to improved performance at work.

“Our goal is to enable our members to understand how their money can be planned, set financial goals, save and make sound financial decisions,” Dr Marere said.

He said the initiative was intended to move financial education beyond one-off events and establish a sustainable culture of financial planning and investment among union members.

Dr Marere said the union also planned to establish a members’ welfare fund to help workers overcome economic challenges during employment and after retirement.

He described TIB Rasilimali as a suitable partner because of its experience in the financial and capital markets sector, expressing confidence that the cooperation would open a new chapter in advancing members’ economic interests.

For his part, TIB Rasilimali Director General, Brighton Kinemo said the partnership would empower workers with knowledge and opportunities to build long-term financial security through capital markets.

He encouraged employees not to depend solely on salaries, but to use their earnings as a foundation for building savings, investments and long-term assets.

“Salary should be the beginning of building savings, investment and long-term assets,” he said.

Mr Kinemo said the company would work with TAREWU to provide education on shares, government bonds and other capital market opportunities, while helping members plan their finances and develop investment portfolios according to their financial capacity.

He said investment services would also be made accessible to members across the country through online platforms.

Mr Kinemo stressed the importance of starting retirement preparations early, saying pensions are important but workers could strengthen their financial security by developing additional sources of income through investments.