Tanzania’s shift to modern payment systems is playing a major role in boosting the economy and expanding access to financial services, officials say.
Deputy Governor of the Bank of Tanzania, Ms. Sauda Msemo, highlighted the importance of efficient payment systems during the opening of a joint East African meeting on payment and settlement systems.
The event took place at the Bank of Tanzania Hall in Dar es Salaam on March 30, 2026, with Ms. Msemo represented by the Director of National Payment Systems, Ms. Lucy Shaidi.
“Payment systems are central to facilitating fast, secure, and reliable transactions, supporting economic activity, and promoting financial inclusion,” Ms. Msemo said.
She noted that Tanzania has made significant progress, moving from traditional payment methods to modern digital platforms.
These include the Tanzania Interbank Settlement System (TISS) for high-value transactions, the Tanzania Automated Clearing House (TACH) for bulk and retail payments, and real-time settlement services. Mobile money services have also expanded rapidly, further driving everyday economic activity.
At the regional level, Ms. Msemo highlighted the success of the East African Payment System (EAPS), which enables cross-border transactions in local currencies.
She also noted Tanzania’s adoption of international standards, such as ISO 20022, to improve interoperability between payment systems.
She described the joint supervisory exercise as a critical platform for strengthening oversight, sharing knowledge, and managing emerging risks in the increasingly digital financial sector.
For 2026, key focus areas include risk-based supervision, compliance with anti-money laundering and counter-terrorism financing laws, transaction monitoring, and good governance all essential for sustainable growth.
Under the National Payment Systems Act of 2015, the Bank of Tanzania continues to enhance regulatory oversight while promoting innovation through initiatives like the FinTech Regulatory Sandbox, enabling safe testing of new financial technologies.
