Dar es Salaam. The Bank of Tanzania (BoT) has received an international award from the Alliance for Financial Inclusion (AFI) in recognition of its innovation in implementing projects that promote access to financial services among citizens.
The accolade acknowledges the BoT’s efforts in widening the reach of financial services, particularly among rural communities and unbanked populations.
Speaking at a press briefing in Dar es Salaam on Tuesday September 16, the Director of National Payment Systems, Ms Lucy Shaidi, said one of the key innovations behind the award was the Tanzania Instant Payment System (TIPS), which has processed 560 million transactions valued at about Sh41 trillion.
She explained that TIPS has significantly accelerated access to financial services through mobile platforms and other digital channels.
Ms Shaidi further noted that the AFI awards are aimed at encouraging financial institutions worldwide to enhance innovation and efficiency in delivering inclusive financial services, a move that contributes to building inclusive economic growth.
“These achievements are the outcome of close collaboration between the public and private sectors in developing resilient and reliable financial infrastructure,” she said.
On his part, the Assistant Manager of the Directorate of National Payment Systems, Mr Mutashobya Mushumbusi, said the central bank has set a target to raise the percentage of Tanzanians accessing financial services from the current 76 percent to 85 percent by 2028.
He added that the ongoing efforts also involve educating citizens on the importance of using formal financial services.
“Through these milestones, the Bank of Tanzania continues to demonstrate its strong commitment to ensuring that no Tanzanian is left behind in the financial services revolution. Receiving this award is a sign that the country is on the right path towards building an inclusive and globally competitive economy,” Mr Mushumbusi said.
