NBC, TAFINA Partner to Boost Fintech and Financial Inclusion in Tanzania

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The National Bank of Commerce (NBC) has partnered with the Tanzania Fintech Association (TAFINA) to accelerate fintech innovation and promote inclusive financial services across Tanzania.

The agreement, led by NBC’s Director of Business Banking, Elvis Ndunguru (FCCA), and TAFINA Chairperson, Cynthia Ponera, was signed at NBC’s Head Office in Dar es Salaam. It was also TAFINA’s first official collaboration with a financial institution.

The alliance aims to leverage technology to improve the delivery of financial services, stimulate economic growth, and increase access to financial tools for underserved populations.

Speaking at the event, Mr. Ndunguru highlighted that this collaboration opens new doors for synergy between NBC and fintech companies in Tanzania, fostering innovation, enhancing digital payment systems, and strengthening regulatory compliance within the sector.

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As one of Tanzania’s leading financial institutions, NBC will provide mentorship and support to TAFINA member companies. The goal is to empower fintech startups by equipping them with essential resources, expert guidance, and access to affordable financial tools.

This support will help emerging firms scale their operations and deliver innovative financial solutions that respond to the evolving needs of Tanzanian consumers.

Additionally, the partners intend to make financial services more accessible and cost-effective, particularly for unbanked and underbanked communities.

Through digital innovations such as mobile payments and digital loans, NBC and TAFINA aim to close the financial access gap for individuals and small businesses traditionally excluded from the formal banking sector.

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The partnership will also focus on developing robust digital payment platforms and embedded finance solutions to reduce dependency on cash transactions. These efforts are expected to streamline financial processes and enhance compliance across the fintech industry.

The Tanzania Fintech Association (TAFINA), incorporated in March 2023, serves as the umbrella body representing fintech companies across the country.

It was established to provide a unified voice for the fintech industry on key issues related to sector performance, policy advocacy, regulatory frameworks, and service delivery standards aimed at driving financial inclusion.

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.