New digital financial services complaints resolution portal set for launch in January

By Marc Nkwame , The Guardian
Published at 08:34 AM Dec 20 2024
Bank of Tanzania
Photo: File
Bank of Tanzania

THE Bank of Tanzania (BoT) is set to launch a digital financial services consumer complaints resolution portal in January 2025.

The system is aimed at enhancing resolution of consumer complaints and providing a faster, more accessible platform for Tanzanians to address issues with financial institutions.

The new system aligns with BoT’s Financial Consumer Protection (FCP) initiative and is designed to offer a more personalized and efficient way for clients to lodge complaints or requests, it was announced here yesterday.

“The digital system will make it easier for clients of financial institutions and microfinance entities to file complaints and requests from the comfort of their homes, offices or even farms,” said Aristedes Mrema, Manager (Economies) BoT Arusha Branch.

Mrema emphasized that the system would not only streamline the complaint process for consumers but also help financial service providers better manage customer inquiries, grievances and assistance requests.

The portal will be accessible via computers, smartphones, tablets and other connected devices, reducing the need for long queues at bank and microfinance offices.

As part of its efforts to raise awareness about the new system, the BoT conducts a series of training sessions for financial service providers (FSPs) across the country. 

The training sessions are aimed at introducing the new Customer Resolutions System (CRS) and educating service providers about the system’s functionality.

During a training session in Arusha, Imelda Mathew from Monduli District expressed optimism about the system’s potential to streamline complaint resolution process. 

“Some people find it difficult to understand certain processes, but with this portal, they will be guided on how to properly lodge complaints or requests, which will help us provide prompt and accurate support,” she said.

Hansel Mpita from Moshi, Kilimanjaro Region, noted that many complaints from financial institution customers often stem from misunderstandings related to loans and interest rates. 

He said the new system will facilitate clearer communication between clients and service providers, reducing confusion and improving customer satisfaction.

The FCP framework aims to safeguard consumers from unfair or abusive practices in the financial sector while ensuring that service providers adhere to ethical conduct. The system will also promote financial literacy, helping consumers better understand the financial products and services available to them.