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Tanzania's fintech, banking associations join forces to support inclusive growth
Tanzania Bankers Association chief executive officer, Ms Tuse Joune (second left), addresses journalists during the signing of an agreement with the Tanzania Fintech Association. PHOTO | THE CITIZEN CORRESPONDENT
What you need to know:
- The agreement lays the groundwork for enhanced system interoperability, improved regulatory compliance, and accelerated adoption of secure, innovative financial technologies
Dar es Salaam. The Tanzania Bankers Association (TBA) and the Tanzania Fintech Association (Tafina) have signed a landmark Memorandum of Understanding (MoU) aimed at strengthening the digital economy and enhancing cybersecurity within the financial sector—a move that aligns with the country’s long-term development vision.
The agreement, signed in Dar es Salaam yesterday, represents a major step towards the realisation of Tanzania Vision 2050, which positions digital innovation as a key enabler of inclusive growth, financial inclusion, and sustainable development.
Speaking shortly after the signing, TBA Chief Executive Officer Ms Tuse Joune stressed the importance of forging strong ties between traditional financial institutions and emerging fintech players.
“This agreement is not just about cooperation—it’s about shaping a future where technology and security go hand in hand to better serve every Tanzanian,” she said.
“We aim to widen access to digital financial services, protect users through stronger cybersecurity, and drive innovations that foster inclusive growth.”
The partnership will support the implementation of key national frameworks, including the third National Financial Inclusion Framework (2023–2028) and the Financial Sector Development Master Plan (FSDMP) 2020/21–2029/30, both of which highlight the importance of collaboration and innovation in advancing access to finance.
Despite impressive strides in financial inclusion—now at 89 percent according to the 2022 FinScope Survey—the formal banking sector accounts for just 22 percent of that uptake.
The TBA–Tafina partnership seeks to bridge this gap by leveraging digital solutions tailored to underserved groups such as smallholder farmers, rural populations, women, youth, and persons with disabilities.
Tafina Engagement Manager Ms Julieth Kiluwa noted that the MoU also paves the way for inclusive co-creation, research, and policy development.
“This partnership is about inclusion—ensuring no one is left behind in Tanzania’s digital transformation. Together, we will develop services that are accessible, secure, and impactful, particularly for marginalised communities,” she said.
Beyond promoting inclusion, the agreement lays the groundwork for enhanced system interoperability, improved regulatory compliance, and accelerated adoption of secure, innovative financial technologies.
As Tanzania pushes ahead with its Vision 2050 agenda, this collaboration reflects a growing recognition that digital transformation—when pursued inclusively—is essential to unlocking new economic opportunities, improving public service delivery, and promoting equitable development.
The TBA–Tafina alliance signals more than a technical agreement—it is a bold commitment to future-proof Tanzania’s financial ecosystem and to ensure that the benefits of digital progress reach every corner of society.
