Mastercard advocates financial inclusion and economic growth at Tanzania Industry Forum

The event brought together Tanzania’s fintech community, addressing key challenges in driving the future of digital payments and economic growth.

Mastercard hosted its inaugural Tanzania Industry Forum in Dar es Salaam on 14^th August 2024, bringing together key stakeholders and thought leaders in the fintech industry to explore the dynamic financial and technology landscape and foster impactful collaborations in Tanzania. The event underscored Mastercard’s commitment to advancing economic growth through innovative digital payment solutions and strategic collaborations in the country.

Tanzania’s economy has shown resilience, with real GDP growth projected to reach 5.7% in 2024​​. A World Bank report shows that despite global economic challenges, the services sector, particularly financial and insurance services, has been a significant contributor to Tanzania’s economic expansion​.

Fintech companies revolutionize payments with innovative solutions like mobile payments, digital wallets and blockchain transactions, enhancing financial accessibility and empowering unbanked populations. Mastercard’s collaborations and advanced technology solutions are integral to these efforts, ensuring secure, seamless payment experiences that bolster financial inclusion and economic participation in Tanzania.

“The Tanzania Industry Forum highlights Mastercard’s commitment to driving digital transformation and economic empowerment in Tanzania. By convening industry leaders and innovators, we are not only creating a collaborative environment to address the current challenges but also paving the way for a future where every Tanzanian has access to secure and seamless financial services. Our goal is to leverage our technology and local collaborations to create a robust financial ecosystem that drives sustainable growth and prosperity for all,” said Mark Elliott, Division President, Africa at Mastercard.

Representing the Deputy Governor of the Bank of Tanzania, Sadiki Nyanzowa, Acting Director, Financial Deepening and Inclusion, delivered remarks emphasizing the increasing importance of inclusion and emerging payments in Tanzania’s growing digital economy.

A standout session at the forum was the ‘Bridging the gap: Financial inclusion driving economic empowerment’ panel which brought together industry and government leaders to discuss the pivotal role of technology in expanding access to financial services. The panel focused on initiatives supporting micro, small, and medium-sized enterprises (MSME), collaborative programs, innovations in mobile money for underserved communities, and regulatory efforts promoting inclusion. The discussions underscored the importance of public-private collaborations and emerging technologies like blockchain and AI in creating an inclusive economy, with a particular focus on women and youth.

The event concluded with a session titled ‘Fly me to the earth: Combating payment scams’ addressing key cybersecurity issues in Tanzania’s payment industry. The panellists explored factors behind persistent data breaches, such as inadequate investment, skill shortages, and insider risks, and discussed the dual role of AI in cybersecurity, weighing its benefits against potential vulnerabilities. They highlighted the importance of addressing legacy systems, compliance issues, skill gaps, and budget constraints to build a resilient digital economy.

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, emphasized the event’s role in fostering collaboration to achieve sustained economic development. “This forum is a vital step towards building a strong, inclusive financial ecosystem in Tanzania. By leveraging cutting-edge technologies and fostering strategic collaborations, we aim to create secure and accessible payment ecosystem that empowers underserved and unbanked communities across Africa,” said Ali.

The Mastercard Tanzania Industry Forum showcased Mastercard’s strategic efforts to build a secure and inclusive financial ecosystem in Tanzania. Through innovative digital solutions and strategic local collaborations, Mastercard is dedicated to providing secure, accessible payment systems that empower underserved and unbanked communities across the continent and align with its global mission of bringing one billion people into the digital economy by 2025.