Stanbic Bank boosts Tanzania’s cashless economy with Lipa Simpo campaign
Senior Manager for External Affairs, Communication and Reputation Stanbic Bank, Dickson Senzi (L), and Digital & eCommerce Manager at Stanbic Bank Tanzania, Godlisten Shirima (R), engage with Malipula Suits (C) during an on-ground activation, demonstrating how to receive payments through LIPA SIMPO and highlighting the speed, security and affordability of Stanbic’s digital payment solutions for local businesses.
Dar es Salaam. Stanbic Bank Tanzania has intensified efforts to drive the country’s cashless economy through a large-scale digital payments activation, leveraging its QR-based solution, Lipa Simpo.
The initiative, rolled out across high-traffic merchant locations in Dar es Salaam and other regions, aims to expand secure, inclusive digital access and accelerate wallet-to-merchant transactions.
As part of the campaign, Stanbic has introduced a temporary flat fee of Sh1,000 for Lipa Simpo transactions above Sh40,000. The move is designed to encourage trial, repeat usage, and a stronger shift from account-to-wallet transactions to direct merchant payments, addressing cost barriers that often hinder digital adoption.
Speaking at the activation in Mwenge, Dar es Salaam, Edward Balandya, Head of Digital Banking & eCommerce at Stanbic Bank Tanzania, emphasized the alignment of the bank’s strategy with the national cashless agenda outlined in the National Financial Inclusion Framework (2023-2028) and Vision 2050.
“Tanzania has made significant progress in digital financial services. Electronic transactions are growing year on year, and Vision 2050 emphasizes a modern, efficient, and inclusive economy. At Stanbic, we are investing in digital solutions that support the country’s shift toward a cash-lite future,” Balandya said.
Dickson Senzi, Senior Manager for External Affairs, Communication and Reputation at Stanbic Bank Tanzania, highlighted the practical benefits for small and medium enterprises (SMEs), which form the backbone of the economy.
“Reducing reliance on cash improves transparency, lowers operational risks, and strengthens record-keeping. Our activations demonstrate how digital payments can seamlessly integrate into everyday transactions, from retail purchases to business payments,” he noted.
Tanzania’s digital payments ecosystem has experienced sustained double-digit growth, with millions of electronic transactions processed monthly and annual transaction values reaching trillions of shillings. Financial inclusion has also expanded significantly, rising from roughly 16 percent in 2009 to over 76 percent in 2023, driven largely by digital platforms and agent banking expansion.
By combining an extensive merchant network, QR-based payments, and targeted pricing incentives, Stanbic Bank is positioning itself at the forefront of Tanzania’s digital transformation.
As the country steadily moves toward Vision 2050, collaboration between regulators, financial institutions, and the private sector remains essential in building a resilient, inclusive, and cashless economy.
