The Governor of the Bank of Tanzania, Emmanuel Tutuba, has reaffirmed the central bank’s commitment to working closely with commercial banks to ensure lending interest rates become more affordable, while upholding the principles of a free market economy.
Speaking virtually during a meeting with the Kariakoo Traders Association (JWK) on April 20, 2026, Tutuba said transparency in financial services remains a priority, particularly in how banks disclose interest rates and related charges to customers.
He said the Bank of Tanzania has begun publishing comparative data on fees and costs charged by banks and other financial institutions, a step aimed at empowering customers with information to make better financial decisions in an increasingly competitive market.
Tutuba also highlighted ongoing efforts to strengthen payment systems, noting that the Tanzania Instant Payment System continues to operate reliably around the clock.
The system, he said, has improved the speed and convenience of transactions, allowing individuals and businesses to move money instantly at any time.
He encouraged wider use of digital payment platforms, pointing out that they offer greater safety, efficiency and traceability compared to cash transactions, while also supporting the country’s shift towards a modern, technology-driven financial system.
On foreign exchange, Tutuba explained that Tanzania’s reserves are largely supported by exports, tourism earnings and financing for development projects.
He urged the public to use formal channels such as banks and licensed forex bureaus when accessing foreign currency, warning that conducting domestic transactions in foreign currencies is against the law.
The governor further revealed that credit guarantee schemes currently overseen by the central bank are set to be transformed into an independent company by July this year, a move expected to enhance access to financing, particularly for small and medium-sized enterprises.
The meeting provided a platform for traders, led by their chairman Severin Mushi, to share their concerns and recommendations.
In response, the central bank pledged to sustain dialogue with the business community to improve access to finance and create a more supportive environment for enterprise growth.
