The International Telecommunication Union (ITU) is crafting international standards on digital financial inclusion as Tanzania financial service provider announced it had registered over 62 million accounts in the country.
According to the Bank of Tanzania Governor Prof Benno Ndulu, the standards seeks to tighten security, improve network quality as well as user friendly terms and conditions on digital access as well as use of formal financial services by excluded and underserved populations Bank of Tanzania
Tanzania has already become first, globally, to achieve wallet to wallet interoperability in digital financial service — allowing one user to send or receive money from another mobile operator.
“From our regulatory point of view, we are seeing increased number of transactions since then with reduced costs as a result of sharing infrastructure in the country,” Prof Ndulu said at the Sixth Meeting of the ITU Focus Group on Digital Financial Inclusion held in Dar es Salaam. The country had a booming number of active accounts standing at 21.9 million as of July this year.
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