Tanzanian, Rwanda central banks deepen ties in payments, gold reserves management

Dar es Salaam. The Bank of Tanzania (BoT) and the National Bank of Rwanda (NBR) have agreed to deepen cooperation in critical areas of the financial sector, including the regulation of digital payment systems and the management of national gold reserves, as part of efforts to enhance financial stability and economic resilience in both countries.

The commitment was made during discussions held on July 24, 2025 when the Governor of the National Bank of Rwanda, Soraya Hakuziyaremye, visited BoT offices in Dar es Salaam.

At the BoT She met Governor Soraya met BoT Deputy Governor, Sauda Msemo, Director of Payment Systems, Lucy Shaidi, and other technical officers.

The ensuing discussions that were joined virtually by BoT Governor, Emmanuel Tutuba, focused on how the two institutions can share expertise and build institutional capacity, particularly in overseeing payment infrastructure and strengthening monetary reserves.

Governor Tutuba noted that Tanzania has made significant strides in developing a robust and modern payments ecosystem that has become a model for other African economies.

“Tanzania has implemented strong payment platforms such as the Tanzania Instant Payment System (TIPS) for small-value transactions and the Tanzania Interbank Settlement System (TISS) for high-value payments. These systems are functioning efficiently and securely, and have contributed to greater trust and uptake of digital financial services across the country,” said Mr Tutuba.

He also outlined how BoT is integrated into broader regional frameworks.

These include the Tanzania Automated Clearing House (TACH) for low-value electronic payments and cheque clearing, the East African Payment System (EAPS) for transactions across EAC member states, and the SADC Real Time Gross Settlement (SADC RTGS) for cross-border payments within the Southern African region.

Gold reserve

On gold reserve accumulation, Mr Tutuba said the Bank of Tanzania began formal gold purchases in October 2024.

By the end of June 2025, BoT had purchased 6.5 tonnes of gold from both small-scale and large-scale miners.

The initiative aims to diversify the country’s reserve portfolio and improve resilience against external shocks.

Governor Hakuziyaremye commended the BoT for developing TIPS using in-house expertise, describing it as a milestone that reflects the bank’s institutional maturity and technical capabilities.

She added that the growing use of digital financial services across the region makes cooperation in payment system oversight increasingly important.

“This partnership will support stronger regulatory oversight of payment systems in both countries, especially as digital transactions continue to expand rapidly,” she said.

The collaboration between the two central banks comes at a time when both Tanzania and Rwanda are advancing economic reforms that rely heavily on digital infrastructure and sound monetary governance.

By sharing experiences in modernising payment systems and managing national reserves, the institutions aim to support long-term financial inclusion, regional integration, and economic growth.

Observers say initiatives of this nature signal a growing recognition among African central banks of the need to work together to adapt to a rapidly evolving financial landscape.

The BoT-NBR engagement is a reflection of that shift, grounded in the pursuit of mutual benefit through shared knowledge, practical innovation, and policy alignment.