THE Bank of Tanzania (BoT) Governor, Mr Emmanuel Tutuba, assured Tanzanians yesterday that online monetary transactions made in the country are complete.
He has also called for increased multiple users in order to build a strong base for the projected national digital economy.
Mr Tutuba made the assurance when responding to reporters who wanted him to explain the importance of the Tanzania Digital Economy Strategic Framework (2024-2034) that was launched by President Samia Suluhu Hassan during the 15th meeting of the Tanzania National Business Council (TNBC) that met here on Monday.
"To us (BoT) as regulators of monetary transactions systems in Tanzania the framework is an important action taken by Tanzania because it will hasten safe movement of money from one place to another in order to facilitate economic growth," he said, calling for more institutions and individuals to insist on online payments only.
He said Tanzania needs such transactions now in order to build a solid base of the proposed national digital economy.
The meeting made a formal appeal to all stakeholders to use of BoT online systems in making payments.
He assured stakeholders that online money payments in Tanzania are very safe because, he said, the BoT monitors money movement in Tanzania.
The bank, he explained, has a cyber security steering committee, that monitors online money movement and solves emerging challenges and risks.
The committee is chaired by the BoT Governor.
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Further, he said, the bank has a consumer protection unit that ensures no money is lost on the way.
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The BoT has developed an arrangement called the Tanzania Instant Payment System (TIPS) that is linked to all banks and telephone service providers.
The governor explained that now a person can transfer money from his bank account, through TIPS, pay a customer of a different bank or customer of a telephone service company. Customers can use TIPS to pay taxes and pay for other services.
"The money sent through TIPS will reach the intended receiver safely, timely and at a cost we consider very reasonable," he said, adding that sending money through TIPS will be cheaper than money sent from one telephone provider to another.
The meeting was chaired by President Samia Suluhu Hassan.
