Grace Ashiru
In a significant leap toward financial modernization and independence, the Bank of Tanzania (BoT) has officially introduced its Integrated Core Banking System (iCBS), a groundbreaking initiative poised to revolutionize the country’s banking operations and regulatory functions.
The newly launched iCBS platform will act as the central pillar for the bank’s operations, optimizing processes such as interbank settlements, payment systems, and government financial transactions. It replaces outdated systems with a locally developed, integrated infrastructure tailored to meet Tanzania’s distinct market requirements and minimize reliance on foreign vendors.
Governor Emmanuel Tutuba referred to the system as a “cornerstone for a more efficient, transparent, and resilient financial sector,” emphasizing that iCBS will facilitate real-time data analysis, enhance transaction security, and strengthen compliance monitoring.
This rollout is part of Tanzania’s broader strategy to advance digital transformation in financial services, which includes expanding mobile money interoperability and nurturing fintech innovation. Industry experts believe that the system could also lead to quicker policy implementation, more efficient management of public finances, and enhanced financial inclusion.
The BoT confirmed that iCBS is designed to grow alongside the economy, with plans for future integration of advanced analytics, AI-powered monitoring, and cross-border payment systems, aligning with regional trade initiatives.
Analysts highlight that this development reflects a wider movement across African nations to build homegrown digital infrastructure, boosting economic security and decreasing reliance on foreign technology.
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