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Tanzania Central Bank promotes digital payments to curb counterfeit currency
Photo: The Citizen
2026-07-23 19:59   Economy   10

Tanzania Central Bank promotes digital payments to curb counterfeit currency

The Bank of Tanzania (BoT) has called on residents of Geita Region to adopt digital payment systems to combat counterfeit currency.The initiative, highlighted during a seminar on banknote care and counterfeit detection, targets small-scale miners, MCs, musicians, and entrepreneurs due to the region's mining-driven economy.

Mr Sadi Makomba, BoT's public relations officer, explained that digital channels like mobile money and electronic banking enhance financial security, reduce government costs on replacing worn notes, and keep funds within formal financial systems.Participants praised the training, suggesting workshops in workplaces and schools to improve financial literacy.

A miner, Ms Teonestina Christopher, emphasized the need for knowledge to protect earnings, while a musician, Ms Maria Faustine, noted the importance of educating event hosts to prevent fraud during celebrations.The seminar underscores the role of digital adoption in safeguarding economic stability and reducing losses from counterfeit currency.

Full reading at The Citizen

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