BoT stresses resilience of payment systems
DAR ES SALAAM: THE Bank of Tanzania (BoT) has assured the public that the country’s payment systems remain secure and resilient against cyber threats, reflecting growing confidence in the safety and reliability of the nation’s expanding digital financial infrastructure that supports economic activity nationwide.
The assurance comes as the central bank confirmed that no successful hacking incidents have been recorded in banks or financial platforms operating under its supervision.
Speaking during an Iftar event in Dar es Salaam recently, BoT Governor Mr Emmanuel Tutuba said the country’s financial infrastructure continues to operate efficiently as authorities strengthen cybersecurity and fraud-prevention measures to safeguard the rapidly expanding digital payments landscape.
“So far, these systems are performing well, and there has never been any hacking incident in our banks or in any of the payment systems we supervise,” he said.
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He added: “It is encouraging to see how our experts are actively addressing cyber security and fraud issues with the aim of deterring individuals with malicious intent.” The central bank staged the event as part of its broader efforts to link up with its stakeholders, sharing about the country’s economic growth.
Various stakeholders from banks, financial institutions and other citizens attended. He stressed that the strong cyber security posture reflects sustained efforts by financial institutions and regulators to strengthen digital safeguards as the country’s financial ecosystem becomes increasingly technology-driven.
Moreover, the central bank boss noted that the stability and reliability of payment systems have enabled financial services to reach both urban and rural communities more effectively, facilitating transactions and strengthening economic participation among citizens.
On the economic growth outlook, Mr Tutuba said Tanzania Mainland’s economy is projected to expand by 6.3 per cent this year, up from six per cent recorded last year, while Zanzibar’s economy is expected to grow by 7.2 per cent compared to 6.8 per cent previously.
This growth is attributed to continued implementation of prudent fiscal, monetary and public policies, alongside sustained improvements in the business environment. He also cited the expected increase in exports and continued investments across key sectors as factors that will further stimulate economic expansion.
These developments provide confidence that economy will maintain its positive trajectory that authorities will continue strengthening financial system oversight to ensure stability and security as digital transactions become increasingly central to economic activity.
