The Bank of Tanzania (BoT) is changing the way ordinary Tanzanians access financial services, earning global recognition for its innovative approach.
The Bank recently received the prestigious Nestor Espenilla Jr. Financial Inclusion Innovation Award from the Alliance for Financial Inclusion (AFI), which brings together 84 member countries.
The award recognises AFI members that have demonstrated exceptional leadership and creativity in using technology to expand access to financial services. Tanzania has been part of the AFI network since 2011.
Deputy Governor Sauda Msemo received the award on behalf of BoT Governor Emmanuel Tutuba during the AFI Annual Global Meeting held in Swakopmund, Namibia, in early September 2025.
Lucy Shaidi – Director, National Payment Systems briefed media today that the secret for BoT’s success is the Tanzania Instant Payment System (TIPS), which enables instant, low-cost transactions and reduces reliance on cash.
Another complement goes to TANQR, a national QR code payment system that allows businesses across the country to receive payments easily via banks and mobile money platforms.
The innovations, sccording to her, are making a tangible difference in the lives of Tanzanians.
"In the 2024/25 fiscal year, the country recorded 560 million digital transactions valued at about TZS 41 trillion, while mobile code and Lipa Namba payments reached 60 million transactions worth TZS 4 trillion," she notef.
To support continued innovation, BoT established a regulatory sandbox, allowing fintech startups to safely test new financial solutions.
"The Bank has also strengthened customer protection through a dedicated platform (SEMA and BoT) to promptly address complaints, ensuring citizens enjoy efficient and reliable financial services," she added.
Under Governor Tutuba’s leadership, BoT is not just a regulator but a catalyst for financial inclusion.
Its digital initiatives are making financial services faster, more affordable, and more accessible, empowering Tanzanians to participate fully in the economy and improve their everyday lives.