VICE President Dr Philip Mpango has urged the Bank of Tanzania (BoT) to ensure that online lenders abide by the country's financial laws and regulations for the benefit of the country and financial services consumers.

The VP made the call in Dar es Salaam yesterday when he graced the launch of the Integrated Core Banking System (iCBS).

He also urged Tanzania Communications Regulatory Authority (TCRA), the Electronic Government Authority (eGA) and related government ministries to ensure that the system is safeguarded from cyber criminals in line with other payment systems.

He hailed the new system as it strengthens digital payments and eases the ongoing efforts towards achieving cashless economy.

"BoT has saved billions of shillings by developing the system by engaging its own experts," he said.

He said the iCBS will enhance delivery of real-time information about banking services and financial matters.

Dr Mpango used the occasion to inaugurate BOT’s digital library and the central bank's museum that will be used for keeping the bank's records since colonial rule, during independence to date.

Emmanuel Tutuba, BoT Governor, said that the formulation of the system commenced in 2021 to enable a shift from the central banking system which has been operational since 1999.

He said the development of the system came into completion in October last year and was immediately placed on trial use to test and prove its efficiency.

“There hasn't been any technical challenge regarding the system operations since it was placed on test. Its efficiency meets international standards, making Tanzania the first nation to generate its integrated system on the continent," he said.

He said if the system would have been procured from Fintech and ICT companies, the government would have spent 91.93bn/-

In a bid to enhance digital economy, he said, in the financial year 2024/25, as of June this year, a total transaction made through the Tanzania Instant Payment System (TIPS) amounted 560 million worth 41.23trn/-,  marking a historic milestone in digital payments.

Speaking of consumer protection, he said a total of 846 complaints on financial services were filed at BoT of which 829 were resolved while the remaining 37 are in different stages of resolution.