The Bank of Tanzania (BoT) has signed strategic Memoranda of Understanding (MoUs) aimed at strengthening artificial intelligence (AI) and data innovation, in a move expected to enhance research, technology development, and responsible financial sector transformation.
The agreements are designed to support researchers in higher learning institutions by providing access to real-world data and practical problem-solving opportunities.
This initiative seeks to reduce research delays caused by data access constraints while fostering innovation in AI and other emerging technologies that can deliver practical solutions to national challenges.
By linking academic institutions with real industry needs, the MoUs will enable researchers to develop data-driven insights, test innovative ideas, and contribute to evidence-based policymaking and technological advancement.
For the Bank of Tanzania, the partnerships are expected to fast-track AI experimentation, facilitate the testing of new digital tools, enable replication of global best practices, and strengthen innovation efforts aligned with its AI and Data Innovation Strategy.
The Bank aims to leverage these technologies to improve operational efficiency, enhance regulatory oversight, and support the stability and growth of the financial sector.
Speaking at the signing ceremony, the BoT Governor described the agreements as a strategic milestone in promoting responsible, locally driven financial innovation.
He underscored the importance of empowering local researchers and institutions to develop solutions tailored to Tanzania’s economic and financial realities, rather than relying solely on imported technologies.
The MoUs reflect BoT’s broader commitment to fostering innovation, strengthening collaboration with academic and research institutions, and positioning Tanzania as an emerging leader in AI and data innovation in the region.