Bank of Tanzania mulls review of financial laws - The Citizen

Bank of Tanzania mulls review of financial laws

Thursday March 14 2019

Bank of Tanzania headquarters. PHOTO | FILE

Bank of Tanzania headquarters. PHOTO | FILE 

By Rosemary Mirondo @mwaikama

Dar es Salaam. The Bank of Tanzania (BoT) is working to have financial laws reviewed to accommodate new developments and dynamics of the financial sector, with rapid growth of digital financial services in the country.

Deputy governor Bernard Kibesse said this yesterday when launching the Visa on Mobile in the country, assuring the government’s efforts to facilitate digital financial services, including improving Information and Communications Technology (ICT) such as building the fibre optic cable network. Visa on Mobile which is provided by Visa in partnership with 15 commercial banks allows consumers in Tanzania to send money to each other domestically without paying transaction fees.

“With rapid strides made in technology, we can’t remain with the same laws,” he stressed.

He said that in order to make financial services more inclusive, BoT has been conducting awareness campaigns among community members to spearhead financial services literacy.

He further acknowledged that digital financial services have been largely contributing to inclusiveness in financial services, with many Tanzanians using their mobile phones to make transactions.

President of the Visa for Sub-Saharan Africa, Ms Aida Diarra, said the move aims to accelerate the adoption of digital payments.