The Governor of the Bank of Tanzania (BoT), Mr. Emmanuel Tutuba, has been awarded the special 2026 Central Banker of the Year – Grade A distinction by the international publication Global Finance, in recognition of his contribution to monetary policy management, the development of the financial sector, and the promotion of financial inclusion.
The award was presented on 17 October 2026 in Bangkok, Thailand, during the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
The award reflects the progress made by the Bank of Tanzania in maintaining economic stability, strengthening financial systems, and expanding access to formal financial services for individuals and businesses. These efforts are part of the broader commitment to developing a financial system that supports inclusive and sustainable economic growth.
Monetary Policy Management
In the area of monetary policy management, the Bank of Tanzania has continued to implement measures aimed at maintaining price stability, strengthening the value of the national currency, and creating an environment conducive to sustainable economic growth.
One of the key measures has been the introduction of the Central Bank Rate (CBR)-based monetary policy framework, which became operational in January 2024. The framework has enhanced transparency and effectiveness in monetary policy implementation by providing a benchmark that guides the direction of interest rates in the financial market.
For the fourth quarter of 2026, the Bank of Tanzania’s Monetary Policy Committee decided to maintain the CBR at 6.25 per cent as part of its efforts to manage economic conditions and contain inflationary pressures. During the same period, headline inflation in Mainland Tanzania stood at 4.3 per cent in August 2026, remaining within the national target range of 3 to 5 per cent.
This trend demonstrates the contribution of monetary policy management to maintaining economic stability, protecting the purchasing power of consumers, and strengthening investor confidence in the Tanzanian economy.
Strengthening and Developing the Financial Sector
In the financial sector, the Bank of Tanzania has continued to strengthen the supervision and regulation of financial institutions to ensure that they operate safely, transparently, and efficiently, while contributing to access to capital and financial services for economic activities.
These efforts include strengthening regulatory frameworks, monitoring the conduct of financial institutions, and developing payment systems that enable transactions to be conducted quickly, securely, and at costs that take users’ needs into account.
One of the notable developments has been the establishment of the Tanzania Instant Payment System (TIPS), which has contributed significantly to improving the efficiency of electronic payments and facilitating transactions between banks and mobile money services.
Overall, these measures have helped create an environment in which financial institutions can provide services more efficiently, strengthen public confidence in the formal financial system, and lay the foundation for financial sector growth driven by innovation, competition, and stability.
Promoting Financial Inclusion
Tanzania has made progress in expanding the number of people who can access and use formal financial services, particularly through digital technologies, mobile money services, and agent networks.
According to the 2023 FinScope Tanzania Survey, the proportion of adults with access to formal financial services increased from 86 per cent in 2017 to 89 per cent in 2023. Similarly, the use of these services increased from 65 per cent to 76 per cent over the same period.
These achievements have been supported by the efforts of the Bank of Tanzania, in collaboration with the Government, financial institutions, telecommunications companies, and other stakeholders, to expand access to banking services and digital payment systems. These initiatives also include coordinating the implementation of the National Financial Inclusion Framework for 2023–2028.
Alongside expanding access to financial services, the Bank of Tanzania has continued to emphasise the importance of financial education to enable people to make informed decisions regarding income management, savings, productive borrowing, investment, and the safe use of financial services. These efforts aim to ensure that people do not merely gain access to financial services but also use them effectively to improve their livelihoods and strengthen their financial resilience.
To achieve this objective, the Bank of Tanzania has established the Certified Financial Education Trainers Programme, which seeks to reach people outside the formal education system by equipping them with the knowledge and skills required to manage their finances effectively. Through the programme, educators receive training based on a specialised curriculum to enable them to provide financial education to various groups, including traders, entrepreneurs, and other community members. The training covers personal financial management, budgeting, saving, productive borrowing, investment, and the safe use of financial services.
Furthermore, the Bank of Tanzania, in collaboration with the Government, has continued to strengthen financial education by integrating it into formal education curricula. A significant milestone in these efforts was the launch, on 2 October 2026, of the Guideline for Integrating Financial Education into Higher Education, Technical Education and Vocational Education and Training Curricula in Tanzania. The guideline aims to ensure that students at these levels acquire financial knowledge and skills that will enable them to manage personal finances, prepare budgets, save, borrow responsibly, invest, and use financial services safely and efficiently.
In addition, to strengthen consumer protection in financial services, the Bank of Tanzania introduced the digital SEMA NA BoT platform, which was launched on 5 June 2025. The platform enables members of the public to submit complaints regarding services provided by financial institutions, track the progress of their resolution, and request a review of decisions when they are dissatisfied with the outcomes. Through this platform, the Bank continues to promote transparency and accountability in financial service delivery while using complaint data to identify challenges faced by consumers and encourage improvements in the provision of financial services.
The achievements in these three areas demonstrate the Bank of Tanzania’s contribution to strengthening the foundations of Tanzania’s economy and building a financial system capable of responding to domestic and external changes.
The award is an honour for the Bank of Tanzania and the nation as a whole. It also underscores the importance of continuing to improve policies, regulatory frameworks, financial innovation, and financial education to ensure that the financial sector remains a catalyst for inclusive economic growth and the well-being of Tanzanians.