In a bold stride toward financial modernization and sovereignty, the Bank of Tanzania (BoT) has officially launched its Integrated Core Banking System (iCBS), a landmark move set to transform the country’s banking operations and regulatory oversight.
The new iCBS platform will serve as the technological backbone for the central bank’s operations, streamlining processes such as interbank settlements, payment systems, and government financial transactions. It replaces legacy systems with a homegrown, integrated infrastructure, designed to meet Tanzania’s unique market needs and reduce reliance on foreign vendors.
Governor Emmanuel Tutuba hailed the system as a “cornerstone for a more efficient, transparent, and resilient financial sector”, highlighting that iCBS will bolster real-time data analysis, enhance transaction security, and improve compliance monitoring.
The rollout comes amid Tanzania’s broader push for digital transformation in financial services, including expanding mobile money interoperability and fostering innovation in fintech. Industry observers say the system could also pave the way for faster policy implementation, more efficient public finance management, and improved financial inclusion.
The BoT confirmed that the iCBS is built to scale with the economy’s growth, with provisions for future integration of advanced analytics, AI-driven monitoring, and cross-border payment systems in line with regional trade initiatives.
Analysts note that the move underscores a growing trend among African nations to develop indigenous digital infrastructure, boosting economic security and reducing technology dependence.
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