Bank of Tanzania payment system to launch in February 2022

Bank of Tanzania (BoT) has expected its payment system to roll out in February 2022, following successful trials that involved banks and mobile operators.

Known as Tanzania Instant Payment System (Tips), the interoperable system allows transfer of payments between different participating digital financial service providers, both banks and non-banks, in real time.

Tips will operate in a way that users of all digital payment systems, including mobile money operators (Airtel Money, Tigo, M-Pesa, HaloPesa, Ezy Pesa, and T-Pesa) will be registered under a single platform so that anyone wishing to send money will only require to search the name of the registered recipient in the system, which will be available through both USSD code and an application.

The preparations for the use of the system that will operate in card-based payments, mobile banking, e-economy schemes and internet banking, was first put underway in June 2018.