Tanzania Aims to Revolutionize Digital Financial Services by 2028
In a groundbreaking announcement, Tanzania’s financial leadership has set an ambitious target to transform the nation’s economic landscape by ensuring 85 percent of citizens access digital financial services by 2028.
The Bank of Tanzania’s Governor revealed a comprehensive strategy focused on collaborative innovation, affordability, and secure digital transactions. This bold initiative aims to significantly reduce cash dependency and enhance financial transparency across the country.
Key highlights of the digital transformation strategy include:
• Integrating the Tanzania Instant Payment System (TIPS) with mobile money services
• Involving 44 banks nationwide to improve digital financial efficiency
• Reducing transaction costs through policy incentives
• Expanding ICT broadband connectivity in rural areas
The government is actively implementing measures to support this digital shift, including:
– Removing transaction fees on government revenue collections
– Offering tax reductions for digital payments
– Strengthening digital security systems
– Encouraging financial technology innovation
Financial experts emphasized the potential of this approach to promote competition, financial inclusion, and economic sustainability. The strategy represents a significant step towards modernizing Tanzania’s financial ecosystem and creating more accessible financial services for all citizens.
This transformative approach signals Tanzania’s commitment to becoming a leader in digital financial innovation, positioning the country at the forefront of economic technological advancement.
