The Central Bank of Tanzania launching the country’s first digital financial consumer resolution system portal which gets deployed to the public from January 2025 henceforth.
The new system, which is essentially a more personalized, faster and easily accessible customers’ complaints digital platform, goes in sync with the Bank of Tanzania (BOT) Financial Consumer Protection (FCP).
“This digitalized system makes it easier for clients of financial institutions and other microfinance entities, to file complaints and demands right from the comfort of their homes, office and even farms,” explained Aristedes Mrema, the Manager of Economies at the Bank of Tanzania (BoT)’s Arusha Branch.
“It also takes the guess work from financial service providers in handling their customers’ complaints, grievances, enquiries or assistance,” said Mrema, adding that the portal which can be installed on computers, tablets, smartphones and other connected devices will reduce queues at customers’ desks in banks and micro-finance offices.
Speaking during the Bank of Tanzania’s Customer Resolutions System (CRS) training program for the providers of financial services in the Northern Zone the BOT’s Manager of Economies revealed that among the concerns that the central bank has been receiving from Tanzanians are usually related to their bank accounts balances and interests.
The Bank of Tanzania is currently conducting a series of training sessions aimed at introducing and raising awareness on the new Customer Resolutions System (CRS) to the Financial Service Providers (FSP), across the country.
Speaking during one of such training meetings in Arusha, one of the participants, Imelda Mathew from the CAS Microfinance, based in Monduli District said they are looking forward to seeing how this new BoT system will assist them in solving problems and complaints raised by their clients.
“Some people do not understand things easily but if they have such portals on their palms it will guide them on the way to properly lodge complaints or request assistance in such a way that even we service providers will be able to grasp the needs and offer support promptly,” she said.
On his part, the Director of ‘My Money Microcredit,’ of Moshi, in Kilimanjaro, Hansel Mpita stated that most of the complaints arising from customers of financial institutions, including banks, are all associated with loans and related interests and many due to lack of understanding.
“We therefore hope that, under this new BoT consumer resolutions system, many of the problems will be ironed out automatically as both the clients and service providers will now be speaking the same language through the linking digital portal,” said Mpita.
Financial Consumer Protection largely refers to the concerted efforts by financial sector regulators to protect financial consumers.
With the introduction of the new system, the FCP aims at protecting the consumers from unfair, deceptive or abusive practices and at the same time regulating the market conducts of the service providers.
It also seeks to develop and increase financial literacy and awareness of financial services and products.