Dar es Salaam, March 13 -- TANZANIA: TANZANIA Instant Payment System (TIPS) has reduced the cheque transactions by between 10 and 26 per cent.

The shilling-denominated cheque transactions at national clearing house dropped by 10 per cent while for US dollar cheque by 25.4 per cent, according to report of Bank of Tanzanias (BoT) Monetary Policy Statement (MPS) Mid-Year Review of 2023/2024.

“The decrease in cheque transactions is attributed to growth in the usage of electronic fund transfers, internet banking, mobile banking, mobile payment channels, and regional cross-border payment systems,” BoTs MPS issued last month showed.

The report showed that the Tanzania Automated Clearing House (TACH) activities dropped after the ad...