Tanzania’s financial sector is repositioning itself, with authorities placing fresh emphasis on building a more digital, efficient and resilient system as the country moves toward reducing the use of cash in everyday transactions.
At the centre of the shift is the 13th meeting of the Financial Sector Stability Forum, chaired by Emmanuel Tutuba, who also heads the Bank of Tanzania.
The meeting brought together key regulators and policymakers to assess emerging risks and agree on reforms aimed at strengthening the sector while supporting economic growth.
Deliberations focused on three key areas: crisis management, cybersecurity and the latest Financial Sector Stability Report for 2025.
On crisis management, the forum pushed for stronger coordination in preparing for and responding to financial shocks.
Members stressed the need for Tanzania to align its systems with global standards, including guidance from the Financial Stability Board, in order to better manage potential disruptions in the financial system.
The meeting also opened discussions on new safety nets to protect consumers and investors. These include the possible establishment of an insurance policyholders’ protection fund, an investor protection fund and deposit guarantee schemes for Savings and Credit Cooperative Societies (SACCOs).
Such measures are expected to build trust and ensure that financial challenges can be resolved at a lower cost to the economy.
Cybersecurity featured prominently, reflecting the rapid growth of digital financial services in the country.
The forum reviewed systems designed to prevent cyberattacks, manage digital risks, monitor transactions and maintain continuity of services during emergencies.
Strengthening these safeguards was seen as critical to protecting users and ensuring confidence in digital platforms.
Members agreed that a secure and stable financial system is essential as Tanzania advances toward a cash-light economy.
In this context, the forum called for a dedicated national strategy to accelerate the transition. The move is expected to improve the efficiency of payment systems, reduce transaction costs, expand access to financial services and support the growth of the digital economy.
The Financial Sector Stability Forum brings together 15 members from government institutions and financial sector regulators, serving as a key platform for coordination in safeguarding the country’s financial stability at a time of rapid technological change.
