Covid-19 to delay Bank of Tanzania new payment system
What you need to know:
The implementation of the system was initially scheduled to start this month.
Dar es Salaam. The Bank of Tanzania (BoT) has pushed back the rolling out of the Tanzania Instant Pay-ment System (TIPS) to end of this year due to challenges brought by the Covid-19 pandemic.
The implementation of the system was initially scheduled to start this month. BoT director of the Nation-al Payment System Bernard Dadi told The Citizen that they had to dissolve the team that was implementing the project following the Covid-19 pandemic and recruit a new one.
However, he declined to elaborate how Covid-19 affected the team to that point.
“Following recruitment of the new team, we can no longer launch the system as was earlier planned in June this year, and instead we aim to launch it at the end of the year,” he stressed.
He said preparations for the use of the system that will operate in card-based payments, mobile banking, e-economy schemes and internet banking was first put underway in June 2018.It is slated to be rolled over to financial products and service providers by June this year.
The new automated payment system will connect different payment system providers in cost effective and secured manner. The new off the shelf system went live in February 2019.
It is a single instant payment platform that will connect different payment system providers in cost effective and secured manner.The system will reduce the need to use cash for assorted transactions in the economy.
