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Payment System - Overview

 
 
National Payment Systems Vision & Mission
National Payment Systems Objectives
National Payment Systems Function
 
 

The National Payments System (NPS) Vision

The NPS vision is to put in place a modern payment system that is effective, efficient, secure and compatible with internationally recognized payment systems.

The NPS mission is to have a payment system characterised by the following features:-

  • Risks related to Payment Systems will be well understood and managed by all stakeholders.
  • The Payment System shall be self-regulated.
  • Settlement of all domestic inter-bank exchanges on the value date of the settlement instruction.
  • Open for all parties, both domestic and foreign who wish to provide payment services.
  • Easily accessible to both urban and rural consumers to effect both domestic and international transactions.
  • Efficiency and lack of duplications as shared payment infrastructure will be encouraged.
  • Basic NPS features well understood by all including the rural populace.
  • The Payment System will support electronic trading in both the securities and foreign exchange markets.
  • The Payment System will be compliant with international standards, practices and compatible with other international payment systems.
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Objective

  • To minimise payment, clearing and settlement risks and achieve reliable, secure, convinient, cost effective, universal and integrated systems to meet the needs of the economy.
  • To improve microeconomic management capabilities of Bank of Tanzania by supplying timely and accurate information on stock and flow of funds;
  • To facilitate a faster the exchange and settlement of funds and securities in order to reduce floats and improve efficiency on the circulation and transmission of funds;
  • To expand flexibility in the long term and allow the adoption of, and migrate to modern modes of payment mechanisms at the same time be responsive to user needs; and
  • To establish an efficient and effective legal and institutional framework capable of regulating new payment systems.

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Functions

  • To develop overall national payment clearing and settlement systems policies in line with various payment needs of all sectors in the country.
  • To identify the basic payment system roles that the various stakeholders, including the Bank of Tanzania, are expected to play in the development, implementation, operation, administration and overseeing payment and settlement systems in Tanzania.
  • To advise the Bank of Tanzania Management and through it the National Advisory Council and the General Public on all Payment and clearing issues.
  • To coordinate the harmonisation process and the adoption of common payment system standards and strategies at national, regional and international levels.
  • To represent the Bank at all national international forums on payment system issues.
  • To liase and keep in touch with all stakeholders directly or through NPS Committees as well as with international bodies including BIS, IMF, World Bank, SADC, COMESA, EAC, other other consultants…etc.
  • To ensure that the payment systems in place including their structures network and legal provisions are appropriately administered maintained and adhered to.
  • To vet and advise on any new payment systems product as well as to develop guidelines for the use and establish of the products.
  • To vet and advise on any new payment systems product as well as to develop guidelines for the use and establish of the products.
  • To organise sensitatization and awareness sessions and campaigns for any new payment systems product introduced.


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