BoT advises businesses, institutions to go cashless

The Bank of Tanzania has issued a directive for businesses and institutions to install electronic payment infrastructure in preparation for mandatory digital payment regulations scheduled to take effect in January. This initiative is part of a broader government effort to transition the nation toward a cash-lite economy and enhance financial inclusion.

Proponents expect the shift to electronic transactions to increase tax revenue, improve financial transparency, and accelerate the growth of the digital economy. However, analysts note that the ultimate success of these reforms will depend on the availability of affordable payment systems, the reliability of supporting infrastructure, and the implementation of robust cybersecurity measures.