DAR ES SALAAM, July 17 -- DIGITAL transactions conducted through the Tanzania Instant Payments System (TIPS) have surpassed 500m/- by the fiscal year end of this June, underscoring the central banks ongoing efforts to reduce reliance on cash and promote a digital economy.

TIPS designed to facilitate real-time, low-cost and interoperable payments across all major financial service providers including banks and mobile money operators, is quickly gained momentum among individuals, businesses and institutions.

Bank of Tanzania (BoT) Governor Mr Emmanuel Tutuba said the one-year performance reflects growing public confidence in digital platforms and marks a significant step toward achieving countrys broader transitioning toward a cashless, t...