Mastercard held its inaugural Tanzania Industry Forum in Dar es Salaam, bringing together key stakeholders and fintech industry leaders to discuss the country’s financial and technological landscape.
The event emphasized Mastercard’s commitment to promoting economic growth through innovative digital payment solutions and strategic collaborations, given Tanzania’s projected real GDP growth of 5.7% in 2024​​. According to a World Bank report, despite global economic challenges, Tanzania’s services sector, particularly financial and insurance services, has significantly contributed to its economic growth.
Fintech businesses are revolutionizing payments with new solutions such as mobile payments, digital wallets, and blockchain transactions, increasing financial access and empowering unbanked communities. Mastercard’s collaborations and sophisticated technology solutions are critical to these initiatives, providing safe, smooth payment experiences that promote financial inclusion and economic engagement 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.
Sadiki Nyanzowa, acting director of financial deepening and inclusion, delivered remarks on behalf of the Deputy Governor of the Bank of Tanzania, emphasizing the growing importance of inclusion and emerging payments in Tanzania’s digital economy.
The ‘Bridging the Gap: Financial Inclusion Driving Economic Empowerment’ panel at the forum was a highlight, bringing together industry and government leaders to discuss the critical role of technology in expanding access to financial services.
The panel discussed initiatives supporting MSME, collaborative programs, mobile money innovations for underserved communities, and regulatory efforts for inclusion. It highlighted the significance of public-private collaborations and emerging technologies like blockchain and AI in creating an inclusive economy, especially for women and youth.
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 a secure and accessible payment ecosystem that empowers underserved and unbanked communities across Africa.”
In line with its global goal of enabling one billion people to participate in the digital economy by 2025, Mastercard is committed to offering safe, user-friendly payment solutions that empower marginalized and unbanked communities throughout the continent.
The event concluded with a session on ‘Fly me to the earth: Combating payment scams’, focusing on cybersecurity issues in Tanzania’s payment industry. Panelists discussed factors like inadequate investment, skill shortages, insider risks, and the dual role of AI in cybersecurity. They stressed the need to address legacy systems, compliance issues, skill gaps, and budget constraints.The post Mastercard Highlights Economic Growth at Tanzania Forum first appeared on IT News Africa | Business Technology, Telecoms and Startup News.