MutashobyaMushumbusi, BoT’s manager of nationalpaymentsystem said this over the weekend in Dar es Salaam when speaking at a publiclecture organized by the central bank in collaboration with institute of Finance Management (IFM).
It was organized under the theme: “Shared System and Applications the financial sector-A case of Tanzania Instant Payment System (TIPS)”, targeting various stakeholders from financial institutions, mobile network operators, payment systems providers and academic community.
Mushumbuzi said that BOT’s instant payment system is designed to facilitate the real-time payments between participating digital financial service providers
He said currently, there are only 42 companies that have joined the shared payment system, calling more companies to do so.
“The shared systems among the companies are crucial to increase more service by promoting cashless. On doing so the system helps customers to enjoy instant services,” he said, highlighting the need for the stakeholders to improve the system to offer good services to the customers.
He said that a shared payment system is very important since it is cheap and cost effective, stressing that shared systems offer reduced cost and faster paying settlement to customers.
Dr Emmanuel Kolaseni, IFM’s dean of computing and mathematics facultysaid that the institute organised the public lecture to connect markets and academics.
He said also to provide graduates with a market and to know the finance and technology available in the market.
“IFM as institute its duty is to link all stakeholders in the financial matters such as academicians, money providers and financial institutions through public lecture to seek network and knowledge, ”he said
TIPS is a digital payment platform operated by the Bank of Tanzania, which allows the transfer of payments between different Digital Financial Service Providers (DFSPs), both banks and non-banks such as e-money issuers.
The system handles real-time payments exchanged among participating Digital Financial Service Providers (DFSPs).
Moreover, it increases financial inclusion by improving access and usage of financial services in Tanzania through promoting the interoperability of digital financial services amongst all Payment Service Providers in the country.
It facilitates an efficient clearing and settlement platform of digital financial services transactions for all Payment Service Providers (PSPs) and increases the efficiency by moving from bilateral interoperability to multilateral interoperability.
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