The Bank of Tanzania has been awarded the prestigious Nestor Espenilla Jr. Financial Inclusion Innovation Award by the Alliance for Financial Inclusion (AFI), which comprises 84 member countries.
This distinguished award aims to recognize AFI member countries that have demonstrated outstanding efforts in innovation and the use of technology, as well as strong leadership in accelerating access to and usage of financial inclusion services.
The award was received by the Deputy Governor responsible for Financial Stability and Sector Supervision, Ms. Sauda Msemo, on behalf of the Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, during the AFI Global Policy Forum on Financial Inclusion currently taking place in Swakopmund, Namibia. Ms. Msemo is leading the Bank of Tanzania delegation participating in the forum as representatives in AFI’s working groups and committees.
Some of the key initiatives that enabled the Bank of Tanzania to emerge as the winner include: the effective implementation of the Tanzania Instant Payment System (TIPS); the establishment of an innovation testing environment (Bank of Tanzania Fintech Regulatory Sandbox Regulations, 2024); the creation of a citizen complaints handling system (SEMA na BoT); and the adoption of the QR code payment system known as TANQR.
In addition, the Manager of the Financial Inclusion Department, Ms. Nangi Massawe, was recognized through the AFI Technical Leadership Awards. These awards are given to experts from AFI member countries who have made significant technical contributions, demonstrated active participation in knowledge exchange, and provided training to other member countries in order to promote financial inclusion through national policies, strategies, and innovations.
These achievements reflect the strong leadership of the Bank of Tanzania under Governor Emmanuel Tutuba in steering efforts to expand and stimulate the use of financial services through technology. Such measures aim to enhance efficiency, reduce costs, and ensure that more citizens actively participate in the nation’s economic development while improving their livelihoods.