Dar es Salaam. Tanzania is strengthening its position in Africa’s financial system after making progress in linking with regional payment platforms, a move expected to boost cross-border trade and economic integration.
Bank of Tanzania (BoT) Governor Mr Emmanuel Tutuba said the progress reflects ongoing efforts to leverage financial technology to improve the sector and expand access to financial services locally and across borders.
Speaking in Tangier, Morocco, at a ministerial panel during the 58th session of the United Nations Economic Commission for Africa over the weekend, Mr Tutuba said the milestone places Tanzania among key players in the continent’s evolving payments landscape.
“Tanzania is part of regional payment systems, which enables fast and efficient transactions across African countries,” he said in a statement that was availed to the media in Dar es Salaam yesterday.
The payment systems he mentioned include the East African Payment System (EAPS) and the Southern African Development Community Real Time Gross Settlement System (SADC RTGS).
Commercial banks are also joining the Pan-African Payment and Settlement System (PAPSS),
He noted that such platforms are transforming Africa’s financial architecture by enabling real-time cross-border transactions in local currencies, reducing reliance on correspondent banking, lowering transaction costs and shortening settlement times.
Analysts say these systems are critical in supporting intra-African trade and advancing the continent’s economic integration agenda, particularly under frameworks such as the African Continental Free Trade Area (AfCFTA).
Mr Tutuba said strengthening participation in the systems would further stimulate trade and deepen economic ties across Africa, in line with broader efforts to modernise financial services through technology.
He added that the central bank is promoting fintech innovation by creating an enabling environment for developers to design digital financial solutions that enhance efficiency and inclusion.
“Our focus is to support innovation that improves financial services and expands inclusion,” he said.
On the National Development Vision 2050 (Dira 2050), Mr Tutuba said digital finance and innovation will play a central role in building a competitive and inclusive economy. Dira 2050
The meeting brought together ministers for finance, planning and economic development, as well as central bank governors from across Africa, to discuss the continent’s economic outlook and strategies to strengthen financial systems.
