BoT sees FinTech as a pillar of financial inclusion as mobile money services reach millions in Africa

DAR ES SALAAM: THE Director of Financial Inclusion at the Bank of Tanzania (BoT), Kennedy Komba, has emphasized that the success of financial services access should be directed toward practical and productive use by citizens.

Speaking today, March 26, 2026, in Dar es Salaam at the East Africa Investment Forum, Komba stated that financial technology (FinTech) has become a major pillar of financial inclusion, particularly through mobile money services that have reached millions of people across Africa.

He noted that by 2025, over 300 million people in Africa had registered to use these services, a development that has transformed financial systems in many regions.

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However, he stressed that despite these achievements, the actual usage of these services has not yet met expectations. “The current challenge is not access, but usage. We need to ensure that these services are fully utilized to improve financial well-being for citizens,” Komba said.

On investment, he highlighted that Africa continues to attract capital, particularly in the FinTech sector, with investors increasingly focused on quality and business profitability.

Additionally, Komba stated that Tanzania continues to offer a favorable economic environment and urged stakeholders to collaborate in promoting the use of financial services for sustainable development.