Dar es Salaam: Exim Bank Tanzania has taken a bold step in shaping the future of digital payments with the launch of ‘Lipa Chapchap’, a seamless, cashless payment solution that enhances transaction convenience for businesses and individuals. More than just a new service, Lipa Chapchap is a crucial milestone in the bank’s broader mission to drive financial inclusion, innovation, and a digitally empowered economy in Tanzania.
At the heart of this innovation is the growing need for cashless transactions and financial inclusion. The Bank of Tanzania (BoT) has consistently underscored the importance of transitioning towards a digital economy. By launching Lipa Chapchap, Exim Bank aligns with BoT’s strategic vision of fostering a more inclusive and technologically advanced financial ecosystem, ultimately reducing the reliance on cash transactions.
For many businesses, particularly Small and Medium Enterprises (SMEs), traditional banking systems often pose barriers such as high transaction fees and limited access to digital payment infrastructure. This payment solution eliminates these obstacles by offering a secure, cost-free payment method, allowing merchants to accept payments from all banks and mobile network operators.
Andrew Lyimo, the bank’s Head of Retail Banking, emphasized the transformative impact of this initiative: “Maliza Kirahisi, Lipa Chapchap is a testament to our commitment to innovation and convenience. This solution not only enhances payment efficiency but also promotes financial inclusion by catering to all businesses, including SMEs, with a secure, cost-free, and easily accessible real-time digital payment solution. Our goal is to create a cashless ecosystem that benefits both businesses and customers.”
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With the increasing penetration of mobile technology, Exim Bank’s solution ensures that businesses of all sizes, from street vendors to large enterprises, have access to a reliable and efficient digital payment system.
The shift towards a cashless economy is one of BoT’s key strategic priorities, aimed at increasing financial transparency, boosting tax compliance, and enhancing security in transactions. By eliminating cash dependency, digital payment systems like ‘Lipa Chapchap’ help reduce the risks associated with physical money handling, such as theft and fraud.
According to BoT, digital transactions in Tanzania have been growing exponentially, fueled by mobile money services and fintech innovations. Exim Bank’s new solution complements these trends by ensuring seamless interoperability across financial platforms, fostering greater adoption of digital payments.
Silas Matoi, Head of Alternative Digital Channels, reinforced the role of security and efficiency in driving adoption: “Security is at the heart of digital transactions, and Lipa Chapchap provides instant transaction confirmation, ensuring both customers and merchants enjoy a worry-free experience. With just a quick scan, payments are processed instantly—no need to handle cash or swipe a card. It’s secure, simple, and designed for everyone.”
Exim Bank’s dedication to digital transformation goes beyond Lipa Chapchap. The bank has continuously introduced innovative products designed to enhance banking convenience, financial literacy, and digital empowerment. By leveraging technology to address real-world challenges, the bank is shaping the future of banking in Tanzania.
“As a forward-thinking financial institution, we are committed to leveraging technology to deliver innovative and customer-centric solutions,” said Stanley Kafu, Head of Marketing and Communications at Exim Bank. “Lipa Chapchap is proof of our dedication to driving digital transformation and financial empowerment. By eliminating barriers to digital payments, we are not just offering a product—we are shaping the future of banking services.”
With a vision that aligns with national policies and global digital trends, Exim Bank is reinforcing its position as a key player in Tanzania’s digital finance revolution. This is more than a payment solution; it is a powerful tool that will drive financial inclusion, boost business efficiency, and accelerate the country’s journey towards a fully digital economy.
As Tanzania embraces the digital age, Exim Bank’s commitment to technological innovation ensures that individuals and businesses alike can transact with ease, security, and confidence. The launch of ‘Lipa Chapchap’ marks just the beginning of an exciting new chapter in the country’s financial landscape.
