Tanzania Fintech Association and NBC partner to accelerate fintech innovation

The Tanzania Fintech Association (TAFINA) and NBC Bank have announced a strategic partnership aimed at accelerating fintech innovation and expanding financial access across the country. The agreement, signed at NBC’s headquarters in Dar es Salaam, represents TAFINA’s first formal collaboration with a banking institution and signals a new era of cooperation between fintech disruptors and traditional finance. 

The partnership brings together NBC’s established banking infrastructure with TAFINA’s network of innovative fintech startups to develop solutions that address Tanzania’s financial inclusion challenges. With only 65% of Tanzanian adults currently accessing formal financial services according to Finscope data, the alliance will prioritize digital payment systems, regulatory sandbox initiatives, and fintech capacity-building programs. 

“This collaboration proves that banks and fintechs aren’t competitors – we’re essential partners in building an inclusive financial ecosystem,” said TAFINA Chairperson Cynthia Ponera during the signing ceremony. NBC’s Director of Business Banking Elvis Ndunguru (FCCA) echoed this sentiment, stating the bank’s commitment to “co-creating solutions that serve Tanzania’s unbanked populations while strengthening the nation’s digital economy.”

Industry analysts predict the collaboration could significantly accelerate Tanzania’s progress toward its goal of 75% financial inclusion by 2025. The model is already attracting interest from other African markets seeking to replicate Tanzania’s emerging fintech-bank synergy. 

By:  Robert Annor