Fintech key in driving up digital economy
DAR ES SALAAM: THE Bank of Tanzania (BoT) has underscored the critical role of fintech and financial inclusion in propelling Tanzania’s digital economy forward.
At the recently held Tanzania Industry Forum hosted by Mastercard in Dar es Salaam, the central bank emphasised the transformative power of innovative payment solutions in expanding financial access to previously underserved populations.
Sadiki Nyanzowa, BoT’s Acting Director for Financial Deepening and Inclusion, highlighted the pivotal role of fintech companies in revolutionising the payment landscape through mobile payments, digital wallets, and blockchain technology.
These advancements, he said, are key to empowering unbanked individuals and fostering economic growth.
Mark Elliott, Division President for Africa at Mastercard, emphasised the company’s commitment to driving digital transformation and economic empowerment in Tanzania.
The forum aimed to create a collaborative environment for addressing industry challenges and fostering a future where all Tanzanians have access to secure financial services.
Shehryar Ali, Mastercard’s Senior Vice President and Country Manager for East Africa and Indian Ocean Islands, highlighted the event’s role in promoting collaboration for sustained economic development.
He underscored Mastercard’s dedication to advancing economic growth through innovative digital payment solutions and partnerships.
The forum featured discussions on financial inclusion, emphasizing the importance of technology in expanding access to financial services, particularly for MSMEs, women, and youth.
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The role of public-private partnerships and emerging technologies like blockchain and AI in creating an inclusive economy was also highlighted.
Additionally, a session on combating payment scams addressed cybersecurity challenges in Tanzania’s payment industry, emphasising the need for increased investment, skilled professionals, and robust systems to protect against data breaches and cyber threats.
Mastercard, a key player in the digital payments industry, has been actively collaborating with local stakeholders to enhance financial inclusion in Tanzania.
By leveraging advanced technology and building strong partnerships, Mastercard aims to create a secure and efficient payment ecosystem that benefits all Tanzanians.
The Tanzania Industry Forum brought together industry leaders, policymakers and fintech innovators to discuss strategies for expanding financial inclusion and addressing the challenges faced by underserved communities.
A key focus of the event was on the role of technology in supporting micro, small and medium-sized enterprises (MSMEs), which are vital to Tanzania’s economic growth.
As Tanzania continues its journey towards a digital economy, the collaboration between the government, the private sector, and fintech companies will be essential in ensuring that the benefits of financial inclusion are felt by all citizens.
