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| Director of National Payment Systems, Central Bank of Tanzania (BoT), Mrs. Lucy Shaidi holding the Innovation Award in Integrated Financial Services (Nestor Espenilla Jr. Financial Inclusion Innovation Award given by the Alliance for Financial Inclusion – AFI, in a press conference held today, September 16, 2025, at the Bank's Offices in Dar es Salaam |
The award was presented by the Alliance for Financial Inclusion (AFI), which comprises members from central banks and other financial regulatory institutions across 84 developing countries worldwide.
Speaking to reporters today, September 16, 2025, in Dar es Salaam, the Director of National Payment Systems, Ms. Lucy Shaidi, stated that one of the major successes that positioned the Central Bank in this regard is the Real-Time Payment System known as the Tanzania Instant Payment System (TIPS).
Ms. Shaidi noted that this system has facilitated seamless financial transactions between banks and digital financial service providers in real-time, thereby increasing financial inclusion in the country.
"Other successes have stemmed from the use of the Quick Response (QR) code known as TANQR, which has been established to enable merchants and the general public to receive payments easily via mobile or bank," Ms. Shaidi explained.
She added that the Central Bank's contribution to this innovation has been recognized in various global publications regarding the TIPS and TANQR systems. Furthermore, the Central Bank has been at the forefront of sharing expertise with other countries involved in this innovation, including Kenya, Lesotho, Rwanda, and Uganda.
Ms. Shaidi elaborated that these innovative achievements have led to a significant increase in transactions for the fiscal year 2024/25, reaching 560 million with a value of approximately 41 trillion shillings.
Through these enhancements in payment technology, the Central Bank continues to demonstrate its commitment to fostering a digital economy and ensuring that formal financial services reach a broader segment of the population.
"This prestigious award aims to recognize AFI member countries that have demonstrated significant efforts in innovation and the use of technology, as well as to acknowledge strong leadership in accelerating the accessibility and utilization of Inclusive Financial Services. Tanzania has been a member of this institution through the Central Bank since 2011," explained Ms. Shaidi.
The award was received by the Deputy Governor responsible for Financial Sector Stability and Management, Ms. Sauda Msemo, on behalf of the Central Bank Governor, Mr. Emmanuel Tutuba, during the Annual General Meeting of Inclusive Financial Services held in Swakopmund, Namibia at the beginning of September 2025.
In further efforts to promote the use of inclusive financial services, Ms. Shaidi stated that the Central Bank has established an innovation testing environment through the Bank of Tanzania Fintech Regulatory Sandbox Regulations, 2024, to encourage innovators to test their innovations.
Additionally, recognizing the importance of quality services for citizens, the Central Bank has launched a special system for receiving and addressing public complaints (SEMA and BoT), to ensure that issues related to financial services are addressed promptly.
These achievements are a testament to the strong leadership of the Central Bank under Governor Emmanuel Tutuba in managing efforts to enhance and stimulate the use of financial services through technology.
"These measures aim to increase efficiency, reduce costs, and ensure that more citizens actively participate in the nation's economic development and improve their lives," said Ms. Shaidi