(3 Minutes Read)
Dr Mwamwaja pointed out that Internet banking allows customers to perform transactions conveniently, from money transfers and bill payments to purchasing insurance, all without the need for physical bank visits. He stressed the importance of public awareness of cybersecurity to boost confidence in digital financial services.
Tanzanian companies are supposed to file their beneficial ownership details by April 15, 2025, to comply with the regulations set by the Finance Act No. 8 of 2020. Otherwise, the companies should be ready to face penalties ranging from Sh5 million to Sh10 million and restrictions on key business operations.
The government has urged Tanzanians to adopt digital transactions as part of efforts to enhance financial inclusion and streamline economic activities.
The call was made by the Commissioner for Financial Sector Development at the Ministry of Finance, Dr Charles Mwamwaja, during a seminar organized by CRDB Bank to educate its customers about Internet banking.
Dr Mwamwaja emphasized that digital payments are the future of financial services, stressing that Tanzania must not fall behind in this transition.
He commended CRDB Bank for its initiative to educate customers on internet banking, noting that financial literacy is crucial in addressing concerns related to digital transactions.
Dr Mwamwaja pointed out that Internet banking allows customers to perform transactions conveniently, from money transfers and bill payments to purchasing insurance, all without the need for physical bank visits.
He stressed the importance of public awareness of cybersecurity to boost confidence in digital financial services.
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He explained that CRDB Bank customers can use Internet banking to check account balances, access bank statements, transfer funds within CRDB Bank or to other banks locally and internationally, and make various payments.
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