{"id":106629,"date":"2024-03-11T18:08:18","date_gmt":"2024-03-11T18:08:18","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips"},"modified":"2024-03-11T18:41:01","modified_gmt":"2024-03-11T18:41:01","slug":"bot-connects-all-payment-providers-to-tips","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips","title":{"rendered":"BoT connects all payment providers to TIPS"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>TANZANIA: <\/b>THE Bank of Tanzania (BoT) has incorporated all payment services providers to Tanzania Instant Payments System that is tipped to reduce costs and risks of sending money from point to point.<\/p>\n

The central bank started the trial run of retail Tanzania Instant Payment System (TIPS) two years ago\u2014with three banks and two telecoms\u2014before officially rolling the system to the entire financial sector eco-system last Wednesday.<\/p>\n

The BoT Governor, Mr Emmanuel Tutuba, said the initiative is in line with the global shift towards a digital economy and they want to make digital payments the focal point of a cash light economy of the country.<\/p>\n

\u201cThis system confirms the commitment of BoT to meet the expectations of the people in making financial transactions quicker and affordable,\u201d Mr Tutuba said during the opening of the 21st Conference of Financial Institutions (COFI) on Wednesday.<\/p>\n

The Vice-President Dr Philip Mpango was the chief guest and he later officially launches TIPS. The governor said the system comes at a time when \u201cit is much needed\u201d to make financial transactions in the country easier.<\/p>\n

\u201cIt\u2019s our expectation that TIPS will meet the need of (users) people,\u201d Mr Tutuba said.<\/p>\n

The BoT is mandated to ensure the stability of the country\u2019s payment ecosystem by collaborating with various stakeholders to enhance the efficiency and security of payment systems. TIPS enables one to instantly make transfer and payments between bank accounts and mobile wallets in 24 hours in seven days.<\/p>\n

The TIPS receives strong support from banks and financial institutions for an interoperable domestic instant scheme, and meets a growing demand for real-time payments.<\/p>\n

The governor said as of end January this year, some 39 banks and six telecoms had been integrated with TIPS. Currently, TIPS facilitates interoperable transfers for several applications including person to person (P2P), person to business (P2B), and person to merchants (P2M) using QR code technology.<\/p>\n

\u201cPlans are for TIPS to be integrated with the Government e-Payment Gateway (eGePG) system to facilitate the transfer of funds and government payments. \u201c…The use of TIPS will increase the use of digital financial services and reduce the use of cash in the country,\u201d Mr Tutuba said.<\/p>\n

For payment systems providers, TIPS significantly reduces reconciliation hurdles, integration costs, differences in messaging formats, and liquidity management issues by maintaining single connection.<\/p>\n

Other TIPS benefits include to increase the uptake of electronic payments, reduce the usage of cash, enhance transparency, foster a level playing field for innovation and competition and promote financial inclusion where costs of interoperable transactions are reduced.<\/p>\n

Deputy Minister for Finance Hamad Chande congratulated BoT and partner institutions for developing the system.<\/p>\n

\u201cThis system will facilitate the transfer of money instantly between various service providers of payment systems, including banks and mobile money service providers. \u201cIt is hoped that this system will help reduce operational costs for service providers and transaction costs for consumers,\u201d Mr Chande said without revealing the percentage.<\/p>\n

The financial inclusion increased to 76 per cent last year from 65 per cent in 2017.<\/p>\n

However, Tanzania Bankers Association (TBA) Chairman Theobald Sabi said the financial inclusion for banking sector increased by 22 per cent last year compared to 17 per cent in 2017.<\/p>\n

\u201cThe penetration was still low, and effort must be drawn to increase the level,\u201d Mr Sabi, who is also NBC Managing Director, said. TIPS is collaborative efforts between the central bank, Treasury and Tanzania Revenue Authority (TRA).<\/p>\n

Other key players are Tanzania Communications Regulatory Authority (TRCA), GePG, Financial Sector Deepening Trust (FSDT) and Bill and Melinda Gate Foundation.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. TANZANIA: THE Bank of Tanzania (BoT) has incorporated all payment services providers to Tanzania Instant Payments System that is tipped to reduce costs and risks of sending money from point to point. The central bank started the trial run of retail Tanzania Instant Payment System (TIPS) two years ago\u2014with three banks and […]<\/p>\n","protected":false},"author":84,"featured_media":106627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,711],"class_list":["post-106629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nBoT connects all payment providers to TIPS - Tanzania<\/title>\n<meta name=\"description\" content=\"TANZANIA: THE Bank of Tanzania (BoT) has incorporated all payment services providers to Tanzania Instant Payments ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoT connects all payment providers to TIPS\" \/>\n<meta property=\"og:description\" content=\"TANZANIA: THE Bank of Tanzania (BoT) has incorporated all payment services providers to Tanzania Instant Payments ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-11T18:08:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-11T18:41:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2024\/03\/sm_1710169639.325907.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"470\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BoT connects all payment providers to TIPS\",\"datePublished\":\"2024-03-11T18:08:18+00:00\",\"dateModified\":\"2024-03-11T18:41:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips\"},\"wordCount\":604,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2024\/03\/sm_1710169639.325907.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/bot-connects-all-payment-providers-to-tips\",\"name\":\"BoT connects all payment providers to TIPS - 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