Cybersecurity takes centre stage in Tanzania’s financial sector

DAR ES SALAAM: RAPID advances in artificial intelligence (AI) are transforming Tanzania’s financial sector, creating new opportunities for innovation, efficiency and improved services while exposing banks, insurers and other financial service providers to increasingly sophisticated cyber threats.

As financial transactions, customer services and business operations move further into digital platforms, stakeholders are being urged to strengthen cyber defences and prepare for emerging risks that may affect businesses, institutions, customer information and public trust.

The government has consequently called for greater collaboration among financial institutions, regulators, technology companies, telecommunications operators, academia and development partners to strengthen the country’s ability to prevent, detect and respond to cyber incidents.

Reading a speech on behalf of the Minister for Communication and Information Technology, Ms Angela Kairuki, at the opening of the second edition of the Fortify Finance Forum 2026 in Dar es Salaam, Tanzania Posts Corporation (TPC), Postmaster General, Mr Macrice Mbodo, said cybersecurity and digital resilience needed to be placed at the centre of organisational strategies and leadership discussions.

The forum, organised by Computer Centre Tanzania Limited, brought together Chief Executive Officers and senior leaders from banks, insurance companies, financial institutions, technology firms, regulatory authorities, development partners and other stakeholders under the theme “AI-Driven Cyber Resilience for the Digital Future.” Mr Mbodo said Tanzania’s digital economy was no longer a promise for tomorrow but a reality, with mobile money moving billions of shillings daily, while banks and telecommunications operators process millions of interoperable transactions through platforms such as the Tanzania Instant Payment System.

Government services are also increasingly being delivered digitally, while young entrepreneurs are developing fintech solutions that are changing how Tanzanians save, borrow, insure and conduct financial transactions. He said the transformation was in line with the Tanzania Development Vision 2050, which charts a path towards a highly digitised, resilient and prosperous economy.

However, increasing dependence on digital technologies was also creating new opportunities for cyber threats, making security a critical part of the country’s digital transformation.

“Without security, there can be no trust. Without trust, there can be no adoption. And without adoption, our digital ambitions remain unrealised,” Mr Mbodo said. He said AI was already helping institutions in the banking, financial services and insurance sector to combat fraud, manage risks, improve customer service, strengthen regulatory compliance, increase efficiency and widen access to financial services.

The challenge, he said, was therefore not to resist AI but to master and deploy it responsibly, ethically and strategically while remaining prepared for those who may use the technology to cause harm. Mr Mbodo said the government was working to create an environment that supports digital innovation while protecting citizens and institutions from emerging risks.

He said ICT was a critical enabler of economic growth, improved public services, employment creation and national competitiveness under the Tanzania Development Vision 2050 and the Digital Economy Strategic Framework 2024-2034. The government, he said, continued to promote investment in digital infrastructure, broadband connectivity, digital skills, innovation, egovernment services, data protection and cybersecurity.

He also said the establishment and implementation of the Personal Data Protection Act and the Personal Data Protection Commission demonstrated the government’s commitment to protecting citizens’ personal information and strengthening confidence in digital services. On AI, Mr Mbodo said the government was developing a National Artificial Intelligence Strategy and guidelines for the secure and ethical use of the technology.

The initiatives aim to promote innovation while ensuring AI technologies are secure, ethical, transparent, inclusive and accountable, with their benefits contributing meaningfully to national development. Mr Mbodo said regulation needed to protect citizens and institutions while providing an enabling environment for responsible innovation, adding that the government would continue engaging financial institutions, technology companies, academia, innovators and development partners to ensure policies remained responsive to technological advancements and emerging risks. He identified five priorities for leaders attending the forum.

The first was placing cybersecurity and digital resilience at the centre of organisational strategy and leadership discussions. The second was embracing innovation and AI responsibly, with institutions encouraged to use the technology to explore and unlock new opportunities. The third was modernising critical ICT infrastructure so systems remain secure, resilient and capable of supporting future growth.

The fourth was investing consistently in people’s skills and cybersecurity awareness at every level of an organisation. The fifth was strengthening collaboration between government, regulators, financial institutions, technology providers, academia and the wider innovation ecosystem. Mr Mbodo said collaboration was particularly important because cyber threats did not respect institutional boundaries, national borders or business sectors.

ALSO READ: When mobile phones reach TZ farms, smallholders gain opportunities, but new digital divides emerge

“No institution can address them effectively while operating alone,” he said. He called for timely sharing of information on emerging threats, best practices and lessons learned, saying government, regulators, financial institutions, telecommunications operators and technology providers needed to work together to prevent, detect and respond to cyber incidents.

He also called for greater investment in Tanzanian professionals, urging universities, training institutions and private sector organisations to prepare young people for careers in AI, cybersecurity, data science, cloud computing and financial technology. Mr Mbodo said the twoday forum should go beyond discussions and generate clear commitments, stronger partnerships and practical actions that institutions could take back into their strategies, systems and customer protection practices.

The expected outcomes include improved institutional policies, stronger security controls, increased investment in digital infrastructure, better protection of customer data and new technology solutions capable of expanding financial inclusion. Speaking at the same event, Computer Centre Tanzania Limited Chief Executive Officer, Mr Jeffrey Homes, said the forum had brought together technology partners to showcase solutions to challenges facing organisations and encourage new approaches to improving existing systems.

He said AI was rapidly becoming part of business operations, with organisations using the technology to analyse information, monitor activities and support decision-making. Mr Homes said the increasing role of AI required organisations to understand how the technology could be incorporated into their operations while maintaining security. Although concerns had emerged over the rapid development of AI, he said organisations needed to focus on responsible adoption rather than avoiding the technology.

“AI is everywhere, and it is here to stay,” Mr Homes said, urging organisations to embrace it while ensuring that it strengthened their operations and security. Computer Centre Chief Sales Officer, Ms Josephine Kiluma said the growing use of AI and other technologies was making cybersecurity an increasingly important issue for the financial sector. She said technological developments were creating opportunities while also exposing businesses and financial institutions to risks that could affect services, customer trust and data protection.

“As a key stakeholder in this space, it is undeniable that there is a need for cybersecurity, especially at this time when we have a lot of technological developments like AI,” Ms Kiluma said. She said the risks facing the sector made it necessary to create more opportunities for stakeholders to discuss challenges and work together on possible solutions.

Ms Kiluma said Computer Centre began the forum initiative last year by bringing different stakeholders together to discuss cybersecurity and technology-related issues. She said the first edition demonstrated the value of creating a platform where stakeholders could exchange experiences and examine emerging risks. The forum also allows participants to hear from global technology partners about initiatives being implemented in other parts of the world, risks being experienced internationally and solutions available to address emerging challenges.

Ms Kiluma said these experiences could then be related to Tanzania’s circumstances, including challenges facing businesses and concerns raised by customers. She said the second edition provided an opportunity to deepen engagement with customers, government partners, technology companies and other stakeholders while keeping discussions on cybersecurity, AI and technological advancement active.

“The conversation needs to keep going so that we are not staying behind when we are discussing issues of cybersecurity, AI and technology advancements,” she said. She said stakeholders needed to continuously examine what was happening globally, where technology was heading and what institutions needed to do to prepare and remain prepared for challenges associated with technological advancement.

The discussions at the forum place cybersecurity alongside innovation as Tanzania continues to expand its digital economy, with government, financial institutions and technology companies examining how emerging technologies can be adopted while protecting systems, customer data and confidence in digital financial services.