The Bank of Tanzania (BoT) has taken a major step toward financial modernization and self-reliance with the official launch of its Integrated Core Banking System (iCBS). This cutting-edge platform is set to transform the central bank’s operations by streamlining interbank settlements, strengthening payment systems, and managing government financial transactions more efficiently.
Unlike the outdated platforms it replaces, iCBS has been developed locally and tailored to Tanzania’s unique market needs, reducing dependence on external technology providers. Governor Emmanuel Tutuba described the system as a “cornerstone for a more efficient, transparent, and resilient financial sector,” highlighting its ability to deliver real-time data insights, boost transaction security, and improve compliance oversight.
Digital transformation
The initiative forms part of Tanzania’s wider push for digital transformation in financial services. Alongside efforts to enhance mobile money interoperability and encourage fintech growth, the system is expected to accelerate policy implementation, improve public financial management, and widen access to financial services for underserved communities.
Built with scalability in mind, the iCBS will evolve to include advanced data analytics, AI-driven monitoring tools, and cross-border payment capabilities that support regional trade and economic integration.
Financial analysts view this milestone as part of a growing trend across Africa, where countries are investing in homegrown digital infrastructure to strengthen economic resilience and reduce reliance on foreign technology.