The Bank of Tanzania (BoT) has revealed it is planning to launch its new instant payments system in February 2022.
The Tanzania Instant Payment System (TIPS) was previously intended to be launched in December 2021, however, it was delayed as upgrades needed to be made. Preparations for the system were originally made in June 2018 with a planned launch for June 2020, but this was delayed due to the pandemic.
In addition this, the BoT had to dissolve the team that was originally implementing the system due to Covid-19 and recruit a whole new one. This also delayed the launch of TIPS.
The BoT originally began a TIPS pilot program in June 2021, which it claimed was successful. TIPS will operate using a single platform where users are registered, with anyone who wishes to send money will search the name of the registered recipient on the system and make the payment.
Users can become registered on the system through USSD code and application. Mobile money operators like Tigo, M-Pesa, HaloPesa, Ezy Pesa, Airtel Money and T-Pesa will be built into the program.
The BoT’s national payment system director Bernard Dadi told The Citizen publication that there will be several phases for TIPS – the first will involve person-to-person and person-to-business payments, with a planned build-up of phases until the fourth phase, which is anticipated to include bulk payments and tax payments.
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