Africa-Press – Tanzania. The Deputy Governor of the Bank of Tanzania (BoT), Sauda Msemo, has called for the accelerated adoption of digital payment systems in cross-border trade, emphasizing that such a shift is critical to improving efficiency, reducing transaction costs, and advancing financial inclusion both nationally and within the East African Community (EAC).
Speaking at the opening of a National Dialogue on Enabling Digital Payments for Cross-Border Traders held in Dar es Salaam, Msemo noted that despite significant progress in expanding digital financial services, a substantial share of cross-border trade transactions continues to rely on cash.
She explained that this dependence on cash creates structural inefficiencies, including high transaction costs, increased security risks, lack of transparency, and limited access to formal financial services—particularly affecting women and youth engaged in trade.
According to Msemo, data collected from border points such as Namanga, Mutukula, and Rusumo, as well as key commercial hubs including Arusha, Bukoba, and Mwanza, indicate a significant gap in the adoption of digital payment systems. She stressed that this gap requires coordinated, strategic, and inclusive interventions to address the barriers hindering uptake.
Msemo said the dialogue is a critical platform for stakeholders to align on priorities and develop practical solutions to promote secure, affordable, and inclusive digital payment ecosystems for cross-border trade.
“Our shared objective is to build an interoperable, accessible, cost-effective, and trusted payment system that facilitates seamless cross-border transactions and strengthens regional economic integration,” she said.
She also underscored the importance of close collaboration among public institutions, financial sector stakeholders, payment service providers, and technology innovators, noting that the effectiveness of these efforts will depend on how well proposed solutions align with the real needs of traders.
