Dar es Salaam. The Bank of Tanzania (BoT) has been honoured with the prestigious Nestor Espenilla Jr. Financial Inclusion Innovation Award in recognition of its groundbreaking efforts to expand access to financial services through digital technologies.
The award, presented by the Alliance for Financial Inclusion (AFI) celebrates initiatives that have excelled in using technology to advance financial inclusion.
At the core of BoT’s achievement are two flagship innovations: the Tanzania Instant Payment System (TIPS) and the QR code-based payment solution TANQR. Both have played a pivotal role in lowering transaction costs and making digital payments more accessible nationwide.
BoT’s Director of National Payment Systems, Ms Lucy Shaidi, said the award not only acknowledged technological innovation but also reflected the Bank’s leadership in promoting inclusive financial services.
“The effective implementation of TIPS, and how it has helped reduce transaction costs for citizens using digital methods, is one of the major factors that contributed to us winning this award,” she said.
She also pointed to the growing success of TANQR, which enables businesses across Tanzania to accept payments seamlessly from both banks and mobile money platforms.
“The Central Bank’s contribution to this innovation has been recognised internationally, and we have shared our experience with countries including Kenya, Lesotho, Rwanda, and Uganda,” she added.
According to the 2023 Finscope report, financial inclusion in Tanzania has reached 76 percent, though traditional banks account for just 22 percent of that. The rise of digital payments, mobile money, and fintech solutions continues to drive the shift towards more inclusive, technology-driven ecosystems.
During the 2024/25 financial year, TIPS and related platforms powered 560 million transactions valued at approximately Sh41 trillion. QR code and Lipa Namba transactions alone accounted for 60 million transactions worth Sh4 trillion.
Further underlining its commitment to innovation, the BoT has introduced the Fintech Regulatory Sandbox Regulations (2024), a controlled environment for testing financial solutions before market entry. The Bank has also launched SEMA na BoT, a platform for lodging and resolving financial services complaints.
Assistant Manager in the Directorate of National Payment Systems, Mr Mutashobya Mushumbusi, said these measures are designed to create a more efficient, inclusive, and responsive financial system.
“These achievements reflect strong leadership in expanding the use of financial services through technology. The goal is to enhance efficiency, reduce costs, and ensure more citizens actively participate in national economic growth,” he said.
The BoT’s award-winning initiatives mark what observers describe as a significant step forward in making financial services more accessible, affordable, and inclusive for all Tanzanians.
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