Prime Minister Urges Local Innovation for Financial Solutions.

Prime Minister Urges Utilization of Local Talent for Digital Financial Solutions

Dar es Salaam, March 3, 2025 - Prime Minister Kassim Majaliwa has emphasized the importance of utilizing Tanzanian youth in the development of digital financial systems, arguing that local solutions meet the real needs of ordinary Tanzanians and promote greater participation in a stable financial framework.

Majaliwa made these remarks during the launch of NBC's new digital banking services today. He highlighted that relying on local talent leads to practical financial solutions that cater to Tanzanians' needs, thereby fostering more widespread inclusion in the financial system.

“It is truly gratifying to hear that the NBC Mobile App and other services being launched today were developed by Tanzanian experts, our youth,” said Majaliwa.

He pointed out that the use of local developers not only reduces the costs of employing foreign experts but also eliminates the need for expensive international licenses. It further demonstrates NBC's confidence in their internal team, particularly the youth, to innovate and improve efficiency, reduce operational costs, and enhance customer service.

“This is a critical milestone for the future of Tanzania’s youth. I want to congratulate these young professionals for their efforts. Our nation needs the strength and innovation of its youth to ensure sustainable development,” said Majaliwa, as he acknowledged the local youth developers for their contributions.

The Prime Minister further emphasized that this initiative has helped both the bank and the country save substantial amounts previously allocated for foreign expertise and international licensing fees.

During the event, NBC's CEO Theobald Sabi shared that the bank has saved over 3 billion Tanzanian Shillings by having local Tanzanian experts develop the mobile application.

"Our NBC Mobile App was designed by Tanzanian professionals educated in our country. Without their work, we would have spent over 3 billion Tanzanian Shillings, not including the ongoing maintenance costs," Sabi explained.

The enhanced NBC Mobile App and NBC Lipa Kiganjani (NBC Mobile Pay) are expected to revolutionize the country’s financial system, offering benefits for all Tanzanians. Through the NBC Mobile App, customers can open and use a bank account directly from their mobile phones without visiting a branch. Additionally, for salaried customers, the app provides instant loans.

Minister for Finance, Dr. Mwigulu Nchemba, remarked on the importance of these services in improving financial inclusion and supporting the digital economy. He assured the public that the government would continue collaborating with the financial sector to ensure such services reach more people securely and efficiently.

“I also want to thank NBC for their sponsorship of various social causes, particularly in sports, where they have made significant contributions to improving the NBC Premier League. Congratulations to them,” Dr. Nchemba added.

The Deputy Governor of the Bank of Tanzania, Sauda Msemo, also praised the resilience of the financial sector, which has supported a wide range of economic activities. She urged all financial institutions to adopt high standards of cybersecurity and swiftly address any potential fraud.