The Bank of Tanzania is participating in the Africa Financial Summit 2024, being held in Casablanca, Morocco, from December 9 to 10, 2024. The summit serves as a crucial platform for African nations to bring together policymakers, financial institutions, and investors to discuss and drive economic transformation across the continent.
The Deputy Governor of the Bank of Tanzania, Economic and Financial Policy, Dr. Yamungu Kayandabila, participated in the opening ceremony and later in the strategic roundtable discussion session on “Orchestrating Pan-African Interoperability for Mobile Money,” where key issues and opportunities in fostering financial inclusion and enhancing cross-border payment systems were highlighted.
Dr. Kayandabila shared Tanzania’s achievements in advancing interoperability among six mobile network operators, enabling seamless mobile money transactions.
“The introduction of the Tanzania Instant Payment System (TIPS) by the central bank has successfully reduced transaction costs for end-users,” Dr. Kayandabila said and noted further that the East African Payment System (EAPS) has played a pivotal role in facilitating regional trade.
However, he acknowledged that the inclusion of new East African Community (EAC) member states presents both challenges and opportunities, encouraging investors to explore innovative solutions in this evolving landscape.
The Bank of Tanzania’s participation in the Africa Financial Summit 2024 highlights its commitment to regional cooperation, innovation in financial systems, and promoting sustainable economic development.
Earlier, during the opening ceremony, Mr. Mustapha Rawji, Chief Executive Officer of RawBank in the Democratic Republic of Congo, addressed the topic “Trade Finance: Bridging Africa’s Correspondent Banking Gap.” He urged African financial experts to reframe from the narrative around financial gaps, viewing them as opportunities rather than challenges.
He remarked: “There is a need to change terms and topics from financial gaps to financial challenges, whereby participants will see them as opportunities.”