banking systems must be adequately protected to minimise preventable risks and safeguard citizens’ money as the country accelerates the adoption of digital financial services.
Dodoma. The minister for Agriculture, Daniel Chongolo, has warned that while digital technology has increased financial inclusion, cybersecurity must be prioritised to protect the public and cooperative members from online criminals.
Mr Chongolo said banking systems must be adequately protected to minimise preventable risks and safeguard citizens’ money as the country accelerates the adoption of digital financial services.
He was speaking in Dodoma during the launch of mobile financial services by the Cooperative Bank (Coop Bank) abridged under the COOP Pesa App.
The minister described Coop Bank as a key institution in strengthening the cooperative sector and improving the livelihoods of farmers across the country.
He noted that the bank was established following directives from President Samia Suluhu Hassan to enable cooperative members and farmers to access loans and a wide range of financial services more easily.
“I commend the Coop Bank for investing in digital platforms that use modern technologies, including artificial intelligence (AI). That will help to extend financial services to more citizens, particularly those in rural areas,” Mr Chongolo said.
Speaking at the same event, Coop Bank Chief Executive Officer Mr Godfrey Ng’urah said the bank aims to contribute to inclusive national economic growth by reaching about 65 per cent of Tanzanians.
Mr Ng’urah said the bank plans to serve more than 30 million people, including youth, women and the elderly who remain excluded from formal financial services, and expects to reach an additional 10 million Tanzanians by 2030.
He noted that currently only about six million Tanzanians have bank accounts, a gap that has motivated Coop Bank to continue innovating and introducing products that bring more citizens into the formal financial system.
“Our goal is not only to open branches, but to ensure that every Tanzanian household can access financial services conveniently through mobile phones, wherever they are,” he said.
He added that the launch of mobile financial services would enable customers to access banking services without visiting physical branches, saving time and reducing operational costs.
Dodoma Regional Commissioner Ms Rosemary Senyamule praised Coop Bank for establishing its headquarters in Dodoma, saying the move reflects the bank’s rapid growth and its contribution to strengthening both the regional and national economies.
Meanwhile, the chairman of Coop Bank’s Board of Directors said the introduction of digital financial services through Coop Pesa forms part of the bank’s broader efforts to promote inclusive economic growth and provide modern financial solutions to more Tanzanians.
