As Tanzania’s financial system rapidly shifts from cash to mobile phones and digital wallets, the benefits of wider access to payments and banking services are being matched by a growing exposure to cybercrime. Fraud losses are climbing into the billions of shillings, regulators are reporting sharp spikes in network-based attacks, and financial institutions are now being pushed toward stricter cybersecurity standards
The Bank of Tanzania is drafting tougher cybersecurity rules for lenders and mobile money operators as digital fraud surges alongside rapid adoption of online financial services, officials and analysts say.
The move comes as Tanzania’s financial system becomes increasingly digitised, with mobile money usage exceeding 70 percent of the population, exposing banks and telecom-led payment platforms to a growing wave of cyber threats.
Fraud losses have climbed sharply. Customers lost about 5.3 billion Tanzanian shillings ($2 million) to fraud in 2024, largely through mobile money, bank transfers and ATM transactions, according to official crime statistics. Earlier data from regulators shows cyber-enabled fraud rose 84 percent in late 2023, underscoring the scale of the problem.
There has been rising incidents of SIM-swap scams, phishing and identity theft across East Africa.
Central bank governor Emmanuel Tutuba has signalled a tougher stance, saying authorities are strengthening safeguards to protect the country’s “rapidly evolving digital payments landscape.”
Under the planned rules, banks and financial service providers are expected to adopt stricter controls, including real-time transaction monitoring, stronger authentication systems and tighter oversight of third-party technology providers, according to industry executives familiar with the discussions.
The regulatory push also reflects Tanzania’s weak standing in global fraud prevention rankings. The country placed near the bottom of the 2025 Global Fraud Index, highlighting gaps in institutional capacity and cyber defences.
Experts say the challenge is structural. As digital finance expands, so too does the attack surface. Mobile network fraud attempts alone rose 33 percent between December 2024 and March 2025, according to the Tanzania Communications Regulatory Authority.
“Robbers don’t come in through the front door anymore,” said Olanyika David-West, describing how cybercriminals increasingly exploit system vulnerabilities rather than physical bank infrastructure.
The tighter rules are expected to raise compliance costs for banks but could strengthen trust in digital finance, which has become central to Tanzania’s economic growth.
Still, analysts warn enforcement will be key. Without stronger supervision and technical capacity, new regulations risk lagging behind increasingly sophisticated cyber threats.
Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
Lupita Nyong’o (Kenya)
Most Famous Movie: 12 Years a Slave (2013)
Short Bio: Lupita Nyong’o is a Kenyan-Mexican actress who rose to international fame for her Oscar-winning performance as Patsey in 12 Years a Slave. She is celebrated for her compelling performances and has gone on to star in blockbusters like Black Panther, Us, and Queen of Katwe.
Redmouth
Fun South African Fact: Water is not all there is to drink in this thirsty country! South Africa’s Cape Winelands have around 560 wineries and 4 400 primary producers. Included in the Cape Winelands region is Route 62, considered the longest wine route in the world. That alone is good reason to visit South Africa if you haven’t yet been!
Manimal
A British man on safari walks into a bar far out in the reaches of a game reserve in Southern Africa, he stays at the bar for a while shooting the shit with the bartender and drinking like a fish, he offer to buy the barkeep a round and since no one else is within 2km of their small oasis of liquor the barkeep obliges. The englishman goes off to the bathroom to have a good old go at the porcelain, he\’s back and ready for a few more whiskeys. He\’s just sat down when suddenly in the distance he hears a scream. He looks over his shoulder and dismisses it as nothing, he turns to the barkeep and orders a drink, takes a sip and hears the scream again. He looks at the barkeep who just shrugs it off. A minute or two later he and the barman hear it again and go outside to take a look. They see a lone figure running towards them screaming, he spots them and lets out a cry, RUN!!!!! HE\”S COMING!!!!!
The barkeep and the Englishman both look at the terrified bedraggled sight before them, and try to calm him down, but he\’s completely inconsolable. They give him water and finally manage to get a word out of him but he struggles free from their grasp and run away screaming.
A few minutes later the same thing happens with a whole group of men running in and screaming, he\’s coming, he\’s coming the barkeep grabs hold of one of the men as he tries to sprint past the bar and tries to get information out of him, again no response other than terrified gibberish.
The barkeep and his customer are starting to get worried, they start to pack up before another group of horrified natives run up to the bar most of them flee but one tries to hide behind the bar, the barkeep pulls out a shotgun and points it at the terrified man\’s face, finally managing to coax some words out of him. \”He\’s coming for us, Vernon Koekemoer is coming for us, we have to hide!!! We have to get out of here.\” He gets up and tries to run but the barkeep grabs him, feeling trapped in a panic he grabs the barkeeps shotgun and blows his own head off. The Englishman and the barkeep look at each other starting to really panic now.
They look out of the window and off in the distance they see a tornado coming towards the bar, at the bottom of the tornado they see the hugest beast of a man they have ever seen, as he gets closer they spot that he is riding a rhinocerous and using a crocodile as a riding whip, with each smack of the crocodile across the back of the rhino the louder is screams and the faster it runs, the tornado following it getting ever larger.
The 2 look at each other and start to fortify their position, they\’ve got a gun and they\’re waaay to drunk to run, so they start piling bar stool and tables and anything they can get their hands on to make sure they\’ll be safe when he arrives. They\’re not gonna make it, they can see the man slowing down his rhino, by now the crocodile is nothing but reptile paste on the bruised rump of the half dead rhino, the rhino drops down dead from exhaustion and crashes to the ground right outside the bar the tornado loses it\’s last breath in a cloud of dust as the huge man crashes his way through the make shift barricade and charges up towards the bar where the 2 men have taken shelter, he grabs a bottle of the hardest liquor on the shelf and down the entire litre in 1 gulp, he peers over the bar sobbing and sees the 2 defenders cowering down behind the crates of beer, they look up at the mans\’ face and he stares at them with a look of complete and utter hopelessness, he stares at them for a half second and half screams, half sobs, \”Oh my god what are you still doing here!!! WE HAVE TO GET OUT OF HERE NOW!!!! Vernon Koekemoer is coming!!!!\”