The electronic payment system in Tanzania is has been facing various challenges which have led to businesses making financial losses in transactions.
This has in turn created the need for the government to come up with proper laws to govern and control this mode of payment thus it has committed itself to establishing best practices, regulations and efficient, effective payment, clearing and settlement systems.
This is according to Finance Minister, Ms Saada Mkuya Salum, who was speaking at a seminar to Members of Parliament on the National Payment System, whose Bill is expected to be tabled in the National Assembly for debate on Monday.
Daily News Tanzania reports that the new law will ensure all payment systems will offer efficient, reliable and safe payments services to clients and not generate high level of risks to users and participants of financial services.
“Lack of laws to govern cyber crimes and electronic financial transactions placed the system into a big risk.To solve this problem, the government felt it was important to formulate laws that will govern the system,” said Salum.