Bank of Tanzania is striving to review financial laws to embed new development and dynamics of financial sector, with rapid growth of digital financial services in the country.
This was during an event to launch the Visa on mobile app in the country earlier this week in Dar es Salaam. The deputy governor in charge of financial stability and deepening was quoted saying, ‘We cannot remain with the same laws.` He assured the investors of the government`s efforts to facilitate digital financial services, including improving Information and Communications Technology (ICT) such as building the fiber optic cable.
Dr. Kibesse stated that in order to make financial services more inclusive, the central bank has been conducting awareness campaigns among the community members to spearhead financial service literacy. He further acknowledged that the digital financial services have been largely contributing to inclusiveness in financial services, with many Tanzanians using the mobile phones to make transactions.
During the launch of the Visa on Mobile app, a total of 15 banks subscribed to the system. These included Access Bank Tanzania Limited, Akiba Commercial Bank, Azania Bank Limited, Barclays Bank, CRDB Bank, EFC Tanzania Bank, Exim Bank, MUCOBA Bank, Mwalimu Commercial Bank, National Bank of Commerce (NBC), National Microfinance Bank (NMB), The People`s Bank of Zanzibar (PBZ), TIB Corporate Bank Limited, TPB Bank Plc and UBL Bank. NMB, CRDB and Exim Bank are expected to have the service enabled on their banking apps immediately for use by the consumers and merchants while the other 12 banks will be implementing the service in the coming weeks.
Both consumers and merchants don’t need to be customers of the same bank or mobile operator because the transaction runs through the Visa network, thus making the service a secure and versatile mobile payment system.
Tanzania is the fourth country to launch the app after Kenya, Ghana and Rwanda.
Also read: Tanzanian banks to adopt Visa app