Dar Pushes to Curb Electronic Fraud (allAfrica.com)

FRAUD through electronic payment system will soon be a thing of the past, as the government is committed to establish best practices, regulations and supervision of efficient, effective payment, clearing and settlement systems.
This was said on Sunday by the Finance Minister, Ms Saada Mkuya Salum, during a seminar to Members of Parliament on the National Payment System, whose Bill is expected to be tabled in the National Assembly for debate on Monday.
Minister Mkuya said that despite the fact that electronic payment system has been in place for years now, the system faces myriads of challenges which include making financial losses through transactions.
This is why, she said, the government felt it was important to come up with proper laws to govern and control the electronic money system.
She said laws aimed at mitigating various risks and enhancing efficiency and effectiveness of payments system. “Lack of laws to govern cyber crimes and electronic financial transactions placed the system into a big risk.
To solve this problem, the government felt it was important to formulate laws that will govern the system,” she said. She added that the new law will ensure that the payment systems will not generate high level of risks to participants and users of financial services, continue to operate without major disruptions, offer efficient, reliable and safe payment services to customers. It will as well have the necessary and regulatory legal framework.
Chief guest at the seminar, Minister of State (Special Duties) Professor, Mark Mwandosya, said several neigbouring countries have already adopted the laws naming them as Kenya, Rwanda, Botswana, Zambia, Zimbabwe, South Africa and Mozambique.
Prof Mwandosya said it was important for Tanzania to adopt the law because it will enable the country compete effectively in the financial transaction business.
Representative from the Bank of Tanzania (BoT) admitted that financial transactions in the country have always been conducted in a high risk environment because of lack of laws, saying this is why the country badly needs the law.
Several MPs faulted the government’s decisions to allow the country to enter into electronic transaction system without proper laws, saying the country has suffered big losses for the past few years, while users of such services as mobile phone transaction system and ATM have also endured losses due to among other things cyber crimes, fraud and disruptions of the system.
Bunge will resume business today after a busy weekend in which after questions and answer session, two Bills will be tabled for discussions –The National Payment Systems Bill, 2015 and The Fair Competition (Amendment) Bill, 2015.
Source: Business