Tanzania: "Minimizing Risks in Innovation", Central Bank of Tanzania informs policymakers

By Syriacus Buguzi [email protected]

Dar es Salaam – Boosting innovation as a means of boosting the financial sector was at the top of the agenda when the Bank of Tanzania (BoT) convened a meeting with policymakers yesterday BoT's Director of Policy and Research, Johnson Nywella, asked policy makers and financial regulators to find ways to minimize the risks in innovation to stimulate innovation in the financial sector

at a meeting bringing together innovators, product solution designers, financial service providers and policy makers [19659004ThemeetingwaspresentedasamajorplatformtoreflectonthefutureofthefinancialsectorthroughinnovationHeexplainedthatthefinancialsectorplaysaroleinmobilizingsavingsandcreditallocationinspaceandtime

It not only offers payment services but also allows households, farmers and small and medium-sized businesses to cope with problems.

He highlighted how telecommunications and information technologies have opened up the financial sector to non-traditional players in the financial sector, such as mobile network operators and fintechs.

Before the introduction of the currency According to recent data from financial institutions, the growth rate is 65%, but it has increased by 65%, or 10 years after entry into the market.

At least 22 percent of Tanzanians have faced unexpected medical expenses in the last 12 months. According to FinScope Tanzania 2017, a quarter of Tanzanians have no form of retirement plan, while 45% of them tend to keep money in their homes. However, the financial researcher notes, although 60% of Tanzanians For its part, the Executive Director of the Financial Sector Deepening Trust (FSDT), Mr. Sosthene Kewe, said that it was necessary to think outside the box to allow the sector contributes to the economy

But, what is redefining the future? According to FSDT Research Manager Elvis Mushi: "Our interest is to disrupt the current and redefine the future."

He thinks that it is necessary to find alternative and innovative ways.

"Purchases are always made in cash, which clearly shows the need to think differently and continue to press for new solutions that work for Tanzanians," he said.