By Business Insider Reporter
Stanbic Bank Tanzania (SBT) has intensified its support for the national cashless economy agenda through a large-scale digital payments activation campaign, underscoring its strategic role in fast-tracking Tanzania’s shift toward a secure, inclusive and technology-driven financial ecosystem aligned with the country’s Dira 2050.
The initiative, formally rolled out today, Tuesday, February 24, 2026, is expected to deepen digital adoption among businesses and consumers, broaden financial inclusion, and enhance transaction efficiency across key sectors of the economy.
Speaking during the nationwide campaign launch at high-traffic merchant locations in Dar es Salaam and other parts of the country, senior SBT officials said the scale-up of digital payment usage will strengthen transparency, reduce cash-handling risks, and accelerate momentum toward a modernised, resilient payments ecosystem.
“Tanzania’s digital payments ecosystem continues to record sustained double-digit growth, with millions of electronic transactions processed monthly and transaction values running into trillions of shillings annually,” the lender noted in a presser.
“Financial inclusion has also risen significantly over the past decade, increasing from approximately 16 percent in 2009 to over 76 percent as captured in the 2023 Finscope Survey, largely driven by digital platforms and agent banking expansion.”
Riding on the country’s growing digital finance momentum, Stanbic Bank has rolled out the targeted on-ground activations to demonstrate real-time usage of Lipa Simpo, the bank’s QR-based payment solution. The activation also aims at getting feedback from both the transacting customers and merchants receiving customer payments through the solution.
To further accelerate behavioural change, the bank has introduced a temporary pricing optimisation strategy during the campaign period ending April 2026.
This includes a flat fee cap of TSh 1,000 for Lipa Simpo transactions above TSh 40,000. The initiative is designed to encourage trial, repeat usage and a stronger shift from account-to-wallet transactions to wallet-to-merchant digital payments, directly addressing cost barriers that often limit digital adoption among traders and consumers.
Speaking during the activation in Mwenge Dar es Salaam, Edward Balandya, Head of Digital Banking & eCommerce at Stanbic Bank Tanzania, said the bank’s strategy is deliberately aligned with Tanzania’s cashless agenda, which is also captured in the Third National Financial Inclusion Framework (NFIF III) 2023-2028.
Through its digital-first approach, the bank is actively supporting the shift from cash-heavy transactions toward secure, traceable and efficient wallet-to-merchant payments.
“Tanzania has made measurable progress in digital financial services, and the direction is clear. Electronic transactions are growing year on year, and the national agenda under Vision 2050 emphasizes a modern, efficient and inclusive economy. As Stanbic, we are responding decisively by investing in digital solutions that support the country’s shift towards a cash-lite future,” said Mr Balandya.
On his part, the bank’s Senior Manager for External Affairs, Communication and Reputation, Dickson Senzi, noted that reducing reliance on cash improves transparency, lowers operational risks and strengthens record keeping for SMEs, which form the backbone of Tanzania’s economy.
“Our activations are not symbolic. They are practical demonstrations of how digital payments work in everyday economic activity, from retail purchases to business transactions. Today, payments happen in the palm of your hand through secure digital platforms. As a bank, we must align with that reality and make digital solutions accessible, affordable and trusted,” he added.
By combining expanded agent banking coverage, QR-based merchant payments and targeted pricing incentives, Stanbic Bank is positioning itself at the forefront of Tanzania’s digital transformation. As Tanzania advances steadily toward its Dira 2050 ambitions, collaboration between regulators, financial institutions and the private sector remain critical. Through its nationwide digital drive and merchant-focused activations, Stanbic Bank Tanzania continues to play a leading role in shaping a resilient and inclusive cashless economy.
