Tanzania: More LGAs Connected to Tanzania Inter-bank Settlement System

Jun 01, 2017 | Tanzania Daily News; All Africa

The linking of payment systems through Tanzania Inter-bank Settlement System had enhanced efficiency in government payment and cut on the costs for bank's services.

Payment system through Tanzania Inter-bank Settlement System (TISS) has continued to improve day after day with many more authorities linked to the system. The Minister for Finance and Planning, Dr Phillip Mpango said in Parliament on Tuesday that 48 local government authorities have been linked with TISS as the government continues to improve the payment system. Tabling budget estimates for his ministry for the 2017/18 financial year, Dr Mpango said the authorities are in Dar es Salaam, Mwanza, Mbeya Songwe, Arusha Dodoma Tanga and Morogoro regions. TISS is the country's payments settlement system that processes high value and time sensitive payments on real time basis. The system facilitates settlement of interbank fund transfers, cheques and electronic funds transfer clearing obligations, payment card switch balances and money market transactions. The system is owned and operated by the Bank of Tanzania. The minister said Electronic funds transfer (EFT) system has been linked to salary payment for staff of ministries of Finance and Planning, Health Community Development Gender, Elderly and Children, Education and Science and Technology. Read more on All Africa. Source: All Africa