Bank of Tanzania Wins Top Global Award for Financial Inclusion Innovation

The Central Bank of Tanzania  has received international recognition for its leadership in advancing financial inclusion through innovation. The Bank was awarded the Major Innovation Award in Inclusive Financial Services (Nestor Espenilla Jr. Financial Inclusion Innovation Award) by the Alliance for Financial Inclusion (AFI), an organization comprising 84 member countries.

The award, presented during AFI’s Annual General Conference in Swakopmund, Namibia, honors institutions that have demonstrated outstanding efforts in applying technology and innovation to expand access to financial services. Deputy Governor for Stability and Financial Sector Management, Mrs. Sauda Msemo, accepted the award on behalf of Governor Mr. Emmanuel Tutuba.

The Bank of Tanzania was recognized for several key initiatives, including the successful rollout of the Tanzania Instant Payment System (TIPS), the introduction of the Fintech Regulatory Sandbox Regulations (2024), the establishment of complaint-handling mechanisms such as SEMA and BoT, and the adoption of the national QR code payment system, TANQR. These measures have played a critical role in enhancing financial inclusion, reducing transaction costs, and ensuring broader citizen participation in the country’s economy.

In addition, Mrs. Nangi Massawe, Manager of the Integrated Financial Services Department, received the AFI Technical Leadership Award. This recognition is given to professionals who have made significant technical contributions, supported knowledge exchange, and trained counterparts across member countries in promoting financial inclusion through policies and innovation.

The achievements highlight the Central Bank’s continued leadership under Governor Tutuba, reflecting Tanzania’s commitment to using technology to expand financial access, improve efficiency, and empower citizens in the nation’s economic development.