Rapid advances in artificial intelligence are transforming Tanzania's financial sector, bringing new opportunities for innovation and efficiency, but also exposing banks and other financial service providers to sophisticated cyber threats. As financial transactions and customer services move online, stakeholders are being urged to strengthen cyber defences and prepare for emerging risks. The government's call for greater collaboration among financial institutions, regulators, and technology companies aims to enhance the country's ability to prevent, detect, and respond to cyber incidents.
The second edition of the Fortify Finance Forum 2026 in Dar es Salaam brought together leaders from banks, insurance companies, and technology firms to discuss "AI-Driven Cyber Resilience for the Digital Future." Tanzania Posts Corporation's Postmaster General, Mr Macrice Mbodo, emphasized that cybersecurity and digital resilience must be at the centre of organisational strategies and leadership discussions. With mobile money transactions and interoperable banking transactions increasing, the digital economy is now a reality in Tanzania.
The transformation aligns with the Tanzania Development Vision 2050, which aims for a highly digitised, resilient, and prosperous economy. However, increasing dependence on digital technologies creates new opportunities for cyber threats, making security a critical part of the country's digital transformation. Mr Mbodo stressed that without security, there can be no trust, and without trust, digital ambitions remain unrealised.
AI is being used by institutions in the banking and financial services sector to combat fraud, manage risks, and improve customer service. However, the challenge is to master and deploy AI responsibly, ethically, and strategically while preparing for potential harm. The government is working to create an environment that supports digital innovation while protecting citizens and institutions from emerging risks.
The government is promoting investment in digital infrastructure, broadband connectivity, and digital skills, as well as implementing the Personal Data Protection Act and the Personal Data Protection Commission. These initiatives demonstrate the government's commitment to protecting citizens' personal information and strengthening confidence in digital services. A National Artificial Intelligence Strategy and guidelines for the secure and ethical use of AI are also being developed.
Mr Mbodo identified five priorities for leaders attending the forum, including placing cybersecurity at the centre of organisational strategy, embracing innovation and AI responsibly, and modernising critical ICT infrastructure. He also emphasized the need for consistent investment in people's skills and cybersecurity awareness and strengthening collaboration between government, regulators, and financial institutions.
The forum aims to generate clear commitments, stronger partnerships, and practical actions that institutions can take to improve their strategies, systems, and customer protection practices. Expected outcomes include improved institutional policies, stronger security controls, and increased investment in digital infrastructure. The government and stakeholders are working together to prevent, detect, and respond to cyber incidents and protect Tanzania's digital economy.
Key points
- The Tanzanian government is promoting collaboration among financial institutions, regulators, and technology companies to strengthen the country's ability to prevent, detect, and respond to cyber incidents.
- The financial sector is increasingly adopting AI-driven digital platforms, bringing new opportunities for innovation and efficiency, but also exposing institutions to sophisticated cyber threats.
- The government is working to create an environment that supports digital innovation while protecting citizens and institutions from emerging risks.
