MASTERCARD held its first-ever Tanzania Industry Forum in Dar es Salaam, bringing together key stakeholders and leaders in the fintech industry earlier this week to discuss and shape the future of the country’s financial and technological landscape. The event underscored Mastercard’s commitment to fostering economic growth in Tanzania through innovative digital payment solutions and strategic partnerships.
The forum highlighted Tanzania’s projected real GDP growth of 5.7 percent in 2024, as reported by the World Bank, with the services sector, particularly financial and insurance services, playing a pivotal role in this economic expansion. Mastercard’s focus on advancing fintech solutions such as mobile payments, digital wallets, and blockchain transactions aims to increase financial access and empower unbanked communities across the nation.
Mark Elliott, Division President, Africa at Mastercard, emphasised the company’s dedication to driving digital transformation and economic empowerment in Tanzania. ‘The Tanzania Industry Forum is a testament to Mastercard’s commitment to building a future where every Tanzanian can access secure and seamless financial services. By leveraging our technology and local collaborations, we aim to create a robust financial ecosystem that drives sustainable growth and prosperity for all,’ Elliott stated.
The forum featured a notable panel discussion titled Bridging the Gap: Financial Inclusion Driving Economic Empowerment, which brought together industry and government leaders. The panel explored the critical role of technology in expanding access to financial services, supporting MSMEs, and fostering innovative mobile money solutions for underserved communities. It also highlighted the importance of public-private partnerships and emerging technologies like blockchain and AI in creating a more inclusive economy, particularly for women and youth.
Sadiki Nyanzowa, acting director of financial deepening and inclusion, spoke on behalf of the Deputy Governor of the Bank of Tanzania, emphasising the increasing importance of financial inclusion in Tanzania’s growing digital economy.
Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, reinforced the forum’s significance in driving collaboration and economic development. ‘This forum is a crucial step toward building a strong, inclusive financial ecosystem in Tanzania. Our goal is to leverage cutting-edge technologies and strategic partnerships to create a secure and accessible payment ecosystem that empowers underserved and unbanked communities across Africa,’ Ali said.
The event concluded with a session on Combating Payment Scams, where experts discussed the challenges of cybersecurity in Tanzania’s payment industry. The panel addressed issues such as inadequate investment, skill shortages, and the dual role of AI in enhancing cybersecurity while also posing risks. The discussion underscored the need to modernise legacy systems, improve compliance, and close skill gaps to protect the growing digital economy.
Mastercard’s ongoing commitment aligns with its global goal of enabling one billion people to participate in the digital economy by 2025, focusing on offering secure, user-friendly payment solutions that empower marginalised and unbanked communities across the continent.
