The acting director, financial deepening and inclusion, Bank of Tanzania (BoT) Sadiki Nyanzowa has emphasized the increasing importance of inclusion and emerging payments in Tanzania’s growing digital economy

Nyanzowa said this in inaugural remarks when he represented the Deputy Governor of the Bank of Tanzania (BoT) during the fintech industry forum hosted by Mastercard on Wednesday in Dar es Salaam, which brought together key stakeholders and thought leaders in the fintech industry to explore the dynamic financial and technology landscape and foster impactful collaborations in Tanzania. 

He underscored the importance of public-private collaborations and emerging technologies like blockchain and AI in creating an inclusive economy, with a particular focus on women and youth.

Fintech companies have revolutionized payments with innovative solutions like mobile payments, digital wallets and blockchain transactions, enhancing financial accessibility and empowering unbanked populations.

Mastercard's collaborations and advanced technology solutions are integral to these efforts, ensuring secure, seamless payment experiences that bolster financial inclusion and economic participation in Tanzania.

A standout session at the forum was the ‘Bridging the gap: Financial inclusion driving economic empowerment’ panel which brought together industry and government leaders to discuss the pivotal role of technology in expanding access to financial services. 

The panel focused on initiatives supporting micro, small, and medium-sized enterprises (MSME), collaborative programs, innovations in mobile money for underserved communities, and regulatory efforts promoting inclusion. 

The event concluded with a session titled ‘Fly me to the earth: Combating payment scams’ addressing key cybersecurity issues in Tanzania's payment industry. 

The panellists explored factors behind persistent data breaches, such as inadequate investment, skill shortages, and insider risks, and discussed the dual role of AI in cybersecurity, weighing its benefits against potential vulnerabilities.

 They highlighted the importance of addressing legacy systems, compliance issues, skill gaps, and budget constraints to build a resilient digital economy.

Tanzania’s economy has shown resilience, with real GDP growth projected to reach 5.7percent in 2024​​. 

The World Bank report shows that despite global economic challenges, the services sector, particularly financial and insurance services, has been a significant contributor to Tanzania’s economic expansion​.

“The Tanzania Industry Forum has highlighted Mastercard’s commitment to driving digital transformation and economic empowerment in Tanzania. By convening industry leaders and innovators, we did not only create a collaborative environment to address the current challenges but also paving the way for a future where every Tanzanian has access to secure and seamless financial services. Our goal is to leverage our technology and local collaborations to create a robust financial ecosystem that drives sustainable growth and prosperity for all,” said Mark Elliott, Division President, Africa, Mastercard.

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, emphasized the event’s role in fostering collaboration to achieve sustained economic development. 

“This forum is a vital step towards building a strong, inclusive financial ecosystem in Tanzania. By leveraging cutting-edge technologies and fostering strategic collaborations, we aim to create secure and accessible payment ecosystem that empowers underserved and unbanked communities across Africa,” said Ali.

The Mastercard Tanzania Industry Forum showcased the company’s strategic efforts to build a secure and inclusive financial ecosystem in Tanzania. 

Through innovative digital solutions and strategic local collaborations, the company is dedicated to providing secure, accessible payment systems that empower underserved and unbanked communities across the continent and align with its global mission of bringing one billion people into the digital economy by 2025.