Tanzania launches NBAA-VN, a new financial information collecting system to curb fraud

DAR ES SALAAM: THE Executive Director of the National Board of Accountants and Auditors of Tanzania (NBAA), Prof Siasa Mzenzi, said that it has now completed the development of a modern financial information collection system known as NBAA-VN which has already collected more than 11,000 financial statements from various companies in the country.

He said this when the Minister of Finance, Ambassador Khamis Mussa Omar, met and held talks with the Leadership of the NBAA Board in Dar es Salaam where he noted that the system will help control financial information fraud, prevent fraudulent audit firms and increase transparency in the financial sector.

“We want to ensure that financial information in the country is safe, accurate, and easily accessible to relevant government institutions and other private sector institutions, including banks,” said the Prof Mzenzi

Prof Mzenzi added that more than 2,149 accountants have been trained on international standards for sustainability financial reporting, a move aimed at preparing professionals who consider the environment, accountability and climate change in the provision of financial information.

For his part, the Minister of Finance, Ambassador Khamis Mussa Omar, has instructed NBAA to ensure that the accounting sector in the country is built on strong ethical foundations to produce professionals with integrity, accountability and professionalism that meet the needs of national development.

He said the Government continues to rely on the accounting profession as an important pillar in ensuring good financial management, transparency of financial information as well as strengthening the confidence of citizens and investors in the country’s economic systems.

“It is very important for NBAA to ensure that accounting professionals are raised on the principles of ethics, honesty, and patriotism because this profession directly affects the management of national resources,” said Ambassador Omar.

In addition, he commended NBAA for the various steps it continues to take in improving the profession, including the use of modern technology in financial information management as well as continuing to register accountants and audit firms in the country.

At the meeting, NBAA Board Chairman, Prof Sylvia Temu, said the Institute has continued to carry out its primary responsibilities of managing the accounting and auditing profession in the country while focusing on building professionals with international standards.

He explained that up to the third quarter of the 2025/2026 financial year, NBAA has successfully registered 8,864 Graduate Accountants, 6,631 Associate Accountants, and 529 Fellow Accountants.

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In addition,  Prof Temu said that during the period July 2025 to March 2026, 22 new audit firms and 19 accounting firms were registered, while 271 accountants were officially registered.