Finance Minister, Saada Mkuya Salum
Finance Minister, Saada Mkuya Salum said about the National Payment
System Bill which was tabled in the National Assembly for debate
yesterday.
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.
Several neigbouring countries have already adopted the laws
including Kenya, Rwanda, Botswana, Zambia, Zimbabwe, South Africa and
Mozambique.
It was important for Tanzania to adopt the law because it will
enable the country compete effectively in the financial transaction
business.
The Bank of Tanzania (BoT) official who declined to be named
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.
THE National Payment Systems Bill 2015 was been tabled in the National Assembly yesterday under the normal procedures.
Some politicians – especially the opposition camp - feared that the bill would be tabled under the certificate of urgency.
Tabling the bill, Finance Minister, Saada Mkuya, said electronic
money payments firms which will violate laws will be liable for a
penalty of 500m/- or five year jail term, against the earlier proposed
fine of 50m/-
“The new bill proposes fines for all firms providing electronic services without the approval from Bank of Tanzania,” she said.
Apart from commercial banks, most of electronic money services in
Tanzania currently performed by mobile operators including Vodacom
(M-Pesa) , Airtel (Airtel Money), MIC Ltd (Tigo Pesa) and Zantel ( Ezy
Pesa).
According to her, fines for individuals providing such services
without approval from the government will attract a fine of up to 50m/-
instead of the 10m/-.
She said the said fines were proposed in order to protect rights of consumers.
Mkuya said once enacted, the Bill will help improve national
payments system which nowadays has undergone advanced technological
changes.
She said Tanzania also want to join some African countries in the
use of national payment system in order to face various challenges in
the industry.
The National Payment System involves all major payment systems
users, owners, providers, and managers of the national payment systems
defined as stakeholders who wish to improve the country’s payment
systems.
They include banks and financial institutions, government, Capital
and Securities Market Authority, the stock exchange, telecommunication
providers.
The main objectives of national payment system include minimising
payment, clearing and settlement risks and achieving reliable, secure,
convenient, cost effective, universal and integrated systems to meet the
needs of the economy.
However Members of Parliament expressed their concern over an
increasing electronic theft done by commercial banks and mobile phone
companies.
“We have noted overwhelming theft in commercial banks, the
government should improve fines to the concerned parties, said Ilala
Legislator,” Musa Zungu (CCM).
Zangu also urged the government to come out with alternative solutions in case the electronic payment system collapsed.
“We have to make sure that the alternative solution is in place
when it collapses or invaded by hackers so as to make our move forward,”
he suggested.
For his part, the Kisarawe Legislator, Selemani Jaffo (CCM) asked
the government to make sure it fast tracks the implementation of
regulations on national payments system act for the socio-economic
development of a nation.
Speaking, the Special Seats Legislator, Christowaja Mtinda
(Chadema) , said the proposed bill should enable consumers to prosecute
commercial banks which violate law.
For his part, Mkanyageni Legislator, Habib Mnyaa (CUF) said, there
is a need to make sure that the rights of consumers are protected in the
proposed bill.
“I have gone through this bill, only four sections have mentioned
rights of consumers while 56 sections just mention management,
collection of taxes or control of companies,” he said.
Reading recommendations, on behalf of official opposition camp,
Christina Lissu Mughwai, said lack of legislation to protect consumers
against electronic money payments have affected many people.
In a news conference in Dar es Salaam on Sunday, Chadema’s Director
of Information and Publicity, John Mnyika, said his party has already
started communicating with opposition parties forming the Coalition of
People's Constitution (Ukawa) object the tabling of Access to
Information, Media Services, National Payment Systems Bill and Computer
& Cyber Crimes bills under the certificate of urgency.
No comments :
Post a Comment