Dar es Salaam, March 11 -- 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—with three banks and two telecoms—before officially rolling the system to the entire financial sector eco-system last Wednesday.

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.

“This system confirms the commitment of BoT to meet the e...