Tanzania is on the move to battle the encroaching fraud in the electronic payment system creeping into businesses and resulting in financial loss.
The Tanzanian government is passing laws that will safeguard the system. More efforts will be ensured in offering best practises, regulations and efficiency, effective payment, clearing and settlement systems.
In a statement was made by the Finance Minister, Ms Saada Mkuya Salum, at a seminar to Members of Parliament on the National Payment System, “Lack of laws to govern cyber crimes and electronic financial transactions placed the system into a big risk.”
The bill is expected to be tabled in the National Assembly for debate on Monday.
Minister of State (Special Duties) Professor, Mark Mwandosya who doubled as the chief guest at the seminar said, “Several neighbouring countries have already adopted the laws, places like Kenya, Rwanda, Botswana, Zambia, Zimbabwe, South Africa and Mozambique. So, it is important for Tanzania to adopt the law because it will enable the country compete effectively in the financial transaction business.”
Representative from the Bank of Tanzania (BoT) admitted that financial transactions in the country have always been conducted in a high risk environment because of lack of laws, saying this is why the country badly needs the law.
Several members of the parliament blamed the government’s decisions to allow the country to enter into electronic transaction system without proper laws, saying the country has suffered big losses in the past few years, with victims being citizens who transact on their mobile phone and ATM users. Cybercrimes was also noted as one of the challenges in the country.
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