Tanzania sees rapid progress toward cashless economy as cross-border digital payments soar by 201 per cent

DAR ES SALAAM: TANZANIA’S transition towards a cashless economy is gathering pace, with cross-border digital card payments recording a 201 per cent increase in transaction value and a 113 per cent rise in transaction volume, signalling growing public confidence in secure electronic payments.

The growth was recorded during a digital payments campaign by Stanbic Bank Tanzania and Visa, coinciding with the government’s push to expand cashless transactions across key sectors under the National Financial Inclusion Framework (2023–2028).

The campaign also registered a remarkable 3,082 per cent increase in card activation by transaction volume and a 449 per cent rise in activation value, reflecting a sharp increase in the uptake of digital payment solutions.

The initiative targeted Stanbic’s Personal and Private Banking customers, promoting the use of Visa cards for international travel, online shopping, education payments and cross-border business transactions. It also educated customers on the security and convenience of digital payments over cash.

Stanbic Bank Tanzania Head of Personal Banking, Emmanuel Mahodanga, said the results demonstrate that Tanzanians are increasingly embracing secure digital financial services.

“These numbers tell us Tanzanians are ready to embrace secure digital payments, and our partnership with Visa is about more than issuing cards; it is about equipping them to participate fully in a digital, connected economy,” he said.

He added that as Tanzania accelerates its transition towards cashless payments, the bank remains committed to providing secure and globally accepted payment solutions for customers travelling, studying abroad and conducting international business.

“Every customer who chooses to transact digitally is helping build a more inclusive and modern financial system for Tanzania,” Mahodanga said.

Visa Tanzania Country Manager, Victor Makere, said the collaboration is supporting the country’s broader digital transformation agenda.

“Growth of this scale shows what strong partnerships can achieve in building the everyday confidence customers need to transact across borders, while supporting the national goal of a more digital and financially inclusive Tanzania,” he said.

Makere noted that Visa will continue working with Stanbic Bank to accelerate digital commerce and expand access to secure payment solutions.

The two institutions said future initiatives will focus on expanding customer education on digital and international payments, increasing access to Visa’s global rewards and merchant offers, and using data-driven insights to deliver more personalised banking experiences as Tanzania advances its digital economy.