Tanzania Works on Regulations to Combat E-Payments Fraud (March 25, 2015)
Tanzania is taking steps to tighten up electronic payments against fraud, with the government working to establish best practices, regulations and supervision of efficient, effective payment, clearing and settlement systems, according to Finance Minister Saada Mkuya Salum.
“Lack of laws to govern cybercrimes and electronic financial transactions place the [payments] system at big risk,” Mkuya said during a parliamentary meeting, according to the AllAfrica news Website. The Tanzanian Parliament is expected this week to address The National Payment Systems Bill 2015. She added that the proposed legislation will ensure that the electronic payments system will mitigate high levels of risk to participants and users of financial services, operate without major disruptions and offer efficient, reliable and safe payment services to customers.
Bank of Tanzania representatives supported the measure, saying legislation is badly needed to reduce risk.
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