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Digital finance is the term used to describe the impact of new technologies on the financial services industry. It includes a variety of products, applications, processes and business models that have transformed the traditional way of providing banking and financial services.
In today's world, everything is digitized, which means we can access or get every service in digital format through mobile phones, computers, tablets, etc. The invention of computers and smartphones has created a huge impact on financial services. Today using computers and mobile phones, a person can access his/her bank account, verify account details, transfer funds, deposit cash, renew deposit, pay bills, book tickets, etc.
The Parliament of the United Republic of Tanzania passed the Microfinance Act of 2018 in November 2018 so as to implement the requirements of the Microfinance policy of 2017. Section 12 of the Microfinance Act gives mandate to the Bank of Tanzania (BOT) to register, supervise and regulate the businesses of microfinance service providers in Tanzania mainland.
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way.