The Governor of the Bank of Tanzania, Emmanuel Tutuba, has stated that financial technology plays a significant role in driving economic growth, noting that it accelerates transactions, reduces service costs, and expands access to financial services to a larger population, including those in remote areas.
Governor Tutuba made these remarks while contributing to a ministerial panel discussion during the 58th session of the Economic Commission for Africa (ECA), held in Tangier, Morocco, from March 28 to April 3, 2026. The meeting brought together Ministers of Finance, Planning and Economic Development, as well as Central Bank Governors from across Africa to discuss the continent’s economic outlook.
In his contribution, Governor Tutuba highlighted that Tanzania has made significant progress in financial inclusion through mobile financial services and efficient digital payment systems. He noted that these achievements have helped reduce transaction costs, simplify government revenue collection, and enhance transparency in public financial management.
He further explained that Tanzania is part of regional payment systems, including the East African Payment System (EAPS) and the Southern African Development Community Real-Time Gross Settlement System (SADC RTGS). Additionally, he pointed out that commercial banks in the country are continuing to join the Pan-African Payment and Settlement System (PAPSS), which enables fast and efficient cross-border transactions across African countries—an important step in boosting trade and strengthening economic integration on the continent.
Speaking on the National Development Vision 2050, Governor Tutuba emphasized that financial technology, alongside other digital technologies, will continue to be a key pillar in building a strong, inclusive, and competitive economy.
To promote innovation, he noted that the Bank of Tanzania is creating an enabling environment for young innovators through various innovation platforms aimed at developing digital solutions to improve financial services.
He also added that the Bank is increasingly adopting artificial intelligence (AI) and has signed agreements with various universities in the country to advance research that will support the broader application of this technology in the financial sector.