Dodoma. The Bank of Tanzania has moved to quell growing public anxiety after a series of misleading claims alleged an imminent cyber-attack on the country’s banking system.
In a public notice issued on November 22, the Central Bank said it intervened after discovering that the claims were prompting some customers to contemplate withdrawing their money from commercial banks.
“The Bank of Tanzania seeks to correct the inaccurate information concerning the security of payment systems and deposit accounts in banks and financial institutions in the country,” the statement said.
The regulator reassured the public that Tanzania’s financial infrastructure remains stable and secure under its continuous oversight.
“Both the national payment systems and customers’ deposits in commercial banks are secure, and it continues to oversee them with the necessary efficiency and reliability,” the statement said.
It urged depositors to avoid rushing to withdraw funds, noting that formal banking channels offer multiple benefits, including returns on savings, safeguarding of deposits and insurance protection in the event of insolvency.
“It is advisable for individuals to maintain their deposits within banking institutions as they provide several benefits, including the accrual of interest or annual profit, safeguarding of the funds, and the provision of insurance in the event of bank insolvency,” the statement said.
The Bank also issued a strong warning to those spreading the false information, saying the behaviour undermines confidence in the financial system and harms the wider economy.
“The Bank of Tanzania warns all individuals disseminating these misleading reports to cease such acts immediately, as they adversely affect the development of the financial sector, the individual economy, and the national economy at large,” the statement said.
It added that law-enforcement agencies had been engaged to take action.
“The Bank of Tanzania, in collaboration with law enforcement agencies, will institute stringent legal measures against all individuals who continue to disseminate these misleading reports,” the statement said.
The notice was signed by Governor Emmanuel M. Tutuba.
