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Reducing reliance on physical cash will foster transparency and enhance Tanzania’s ability to navigate the digital world. The lecture honors Mr Gilman Rutihinda, who was the BoT’s Governor from January 1989 to January 1993.
The Governor of the Bank of Tanzania (BoT), Emmanuel Tutuba, said that the government is working to ensure that at least 85 percent of Tanzanians have access to digital financial services by 2028.
Speaking at the 9th Gilman Rutihinda Memorial Lecture, themed: Driving the Shift towards a Cash-Lite Economy: Opportunities for Financial Innovation and Inclusion yesterday Mr. Tutuba said this will be done through a collaborative effort among key stakeholders to foster innovation and affordability while ensuring security for digital transactions.
He added that reducing reliance on physical cash will foster transparency and enhance Tanzania’s ability to navigate the digital world. The lecture honors Mr Gilman Rutihinda, who was the BoT’s Governor from January 1989 to January 1993.
His initiatives at the time led to the establishment of key BoT frameworks, particularly focusing on financial inclusivity and sustainability, which expanded access to financial services. The lecture was honored by the presence of the Minister for Finance, Dr Mwigulu Nchemba.
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Dr Tutuba said integrating Tanzania Instant Payment System (TIPs) with mobile money services and involving 44 banks across the country will help reduce costs and improve efficiency in digital financial systems.
