In a bid to fortify its financial systems, a delegation from the Bank of Somaliland paid a visit to the Bank of Tanzania on 4th December 2023.
Led by esteemed representatives, the delegation engaged in discussions centered on the enhancement of their financial infrastructure through an in-depth exploration of Tanzania's robust frameworks.
One of the highlights of the visit was a courtesy call made by the Somaliland delegation to the Deputy Governor of the Bank of Tanzania, Financial Stability and Deepening, Ms. Sauda Kassim Msemo, where they discussed various issues including payment systems, financial sector supervision, financial deepening and inclusion, and regulatory frameworks.
The Directorate of National Payment Systems provided an in-depth overview of Tanzania's payment systems’ regulatory framework. Discussions delved into acts, regulations, circulars, and guidelines governing payment systems. Specific attention was drawn to the Clearing and Settlement Systems such as Tanzania Automated Clearing House (TACH) and Electronic Funds Transfer (EFT), Tanzania Interbank Settlement System (TISS), and the Tanzania Instant Payments System (TIPS).
Furthermore, the Directorate of Financial Deepening and Inclusion shed light on the strategies employed in Tanzania to deepen financial inclusion. The delegation received insights into the impact of various regulations on the financial sector and the efforts undertaken to ensure a more inclusive financial landscape.
During the engagement, the Directorate of Financial Sector Supervision highlighted the pivotal role of supervising banks in ensuring the stability and integrity of financial institutions.
Emphasis was placed on the compliance of financial institutions with existing laws and regulations, stressing the regulator's role in supporting the growth of the Digital Financial Services (DFS) ecosystem. Success factors and challenges encountered in this endeavor were also discussed, providing valuable insights for the Somaliland delegation.
At the end of the visit, Somaliland delegation thanked the Bank of Tanzania for hosting them and facilitating the visit, and expressed hope that the knowledge gained will be used to enhance the development and regulation of the financial sector in Somaliland.