Govt commits to tech-driven global market protection
DAR ES SALAAM: THE government has reaffirmed its commitment to collaborating with financial service providers to enhance global market protection through technology.
Deputy Governor, Ms Sauda Msemo expressed the commitment during the East African Financial Service Providers Forum, organised by the Tanzania Fintech Association (TAFINA) in Dar es Salaam.
“The government will continue to oversee investment activities both domestically and across Africa through the financial sector, ensuring that banks and financial institutions effectively manage service delivery and reduce transaction costs for the public,” Ms Msemo said.
She highlighted that the government has identified gaps in banking services, leading to the creation of new companies to fill the voids.
Ms Msemo emphasised the risks associated with cash transactions, pointing out that a strong framework is already in place to promote cooperation between banks and financial service providers.
The deputy governor also noted that East Africa has experienced rapid industrial growth and the reduction of financial challenges, urging all companies to follow sustainable regulations to protect business and market interests.
ALSO READ: EAC Central Banks urged to leverage technology
The Secretary General of TAFINA, Mr Shadrak Kamenya stated that the forum has successfully gathered service providers from East African countries with the goal of uniting financial service providers, policymakers and investors.
“When this group comes together, the focus should be on investing in the financial sector while adhering to established principles, laws and policies to attract investors and boost the national economy,” Mr Kamenya said.
He added: “Increased investment leads to job creation for youth, alleviating the government’s burden of providing employment. Now is the time for the community to seize investment opportunities to support President Samia Suluhu Hassan’s efforts.”
Mr Kamenya also emphasised the benefits of financial companies, noting that daily transactions offer communities accessible loans, which in turn foster increased productivity and national economic growth.
