Josephine Christopher is a senior business journalist for The Citizen and Mwananchi newspapers
Mwananchi Communications Limitted
Dar es Salaam. Despite recording massive profits in recent years, the banking sector has been contending with notable losses stemming from diverse forms of fraud, information from the Bank of Tanzania (BoT) indicates.
The consolidated summary of losses occasioned by fraud in the banking sector shows an increase in incidences causing losses to the banking sector amounting to Sh2.64 billion by December 2023 from Sh2.42 billion at the end of the first quarter. This was an increase of 8.8 percent in 2023.
