BoT reassures public over payment systems

GEITA: THE Bank of Tanzania (BoT) Governor, Mr Emmanuel Tutuba has assured the public that the country’s payment systems remain secure and have neither been compromised nor hacked, urging traders and public to continue using official platforms for financial transactions.

Mr Tutuba gave the assurance yesterday in Geita Region when he closed a meeting involving traders, miners and other stakeholders in the mining sector value chain.

He said the Central Bank continues to monitor payment systems to ensure they operate efficiently and meet required security standards, adding that using official payment channels helps safeguard people’s money while improving business efficiency.

He further said BoT recently recorded an operational efficiency rate of 99.94 per cent following an assessment of its operations.

“This means that the Bank is highly efficient. Our responsibility is to conduct financial transactions using strong and reliable systems,” he said.

The remarks come in a region that has drawn national attention in recent months for displays of mining wealth, including a wedding send-off in Katoro dubbed the “Kariakoo of Geita” for its commercial and gold-mining activity, where the daughter of prominent miner received a cash gift of more than 1.0bn/-, along with a helicopter transport.

Guests were seen spraying US dollar bills and Tanzanian shilling notes on the bride, a practice that has drawn mixed reactions, with some defending it as a longstanding cultural custom at celebrations and others criticising it as wasteful compared with formal alternatives such as bank transfers or cheques.

Mr Tutuba also commended traders and miners for their contribution to the mining sector, saying their cooperation strengthens both the industry and the country’s economy.

“That is the spirit of socialism and cooperation among Tanzanians helping one another. The country sometimes faces social challenges and it is important to continue supporting one another whenever necessary,” he said.

President of the Federation of Miners Associations of Tanzania (FEMATA), Mr John Bina, said the federation’s more than 5,000 members would continue working closely with BoT, adding that government efforts to strengthen the mining sector have increased its contribution to the national economy