By Business Insider Reporter
The Bank of Tanzania (BoT) has issued a firm public notice dismissing widespread rumours alleging a cyber-attack on the country’s banking systems, urging depositors to remain calm and avoid unnecessary panic.
According to the central bank, the false reports have already triggered unwarranted withdrawals by some customers who fear a possible breach of digital banking networks.
BoT stressed that these claims are baseless and risk causing unnecessary instability in the financial sector.
Reaffirming the strength and security of the national payment systems, BoT Governor Emmanuel Tutuba said in the notice issued on November 22, 2025, that “both the national payment systems and customers’ deposits are secure, and the Bank of Tanzania continues to oversee them with the necessary efficiency and reliability”.
He urged Tanzanians to maintain trust in the banking system, noting that deposits not only earn interest but also support economic growth through increased lending.
He further emphasised that customer deposits are insured against potential bank insolvency, providing additional layers of protection.
Governor Tutuba also highlighted the broader harm caused by misinformation.
“These misleading reports adversely affect the development of the financial sector, the individual economy, and the national economy at large,” he warned, adding that the central bank – working with law-enforcement agencies – will take stringent legal measures against individuals spreading such fake news.
To reinforce public confidence, the notice pointed to the strong performance of the banking sector. Official data shows that customer deposits in Tanzanian banks have continued to grow steadily in recent years.
Total deposits rose by 12.3 percent to nearly TSh 43 trillion in 2024, up from about TSh 38 trillion in 2023.
“The increase reflects improvement in public confidence in the banking sector, improved business landscape, and deposit-mobilization strategies adopted by banks and financial institutions,” the central bank noted in its Banking Supervision Annual Report 2024.
Lending has also strengthened, with loans, advances, and overdrafts expanding by 14.3 percent to about TSh 36.6 trillion in 2024, compared to around TSh 32 trillion in 2023.
As the BoT continues to warn of legal consequences for spreading false information, it is also emphasizing calm and reassurance: there has been no verified cyber-attack, the banking system remains stable, and customers’ funds are secure.
Tanzania’s banking system consists of commercial banks, development banks, microfinance banks, and community banks. As of December 2024, the country had 34 commercial banks operating through 929 branches, representing 97.3 percent of total banking sector assets.
Of the 34 commercial banks, 12 were locally owned, holding 65.7 percent of commercial banking assets, while 22 were foreign owned, holding the remaining 34.3 percent.
As of December 2024, Tanzania also had two state-owned development banks operating through 11 branches, and three microfinance banks, all foreign owned, operating a total of 77 branches. Additionally, the banking system included three community banks, all of which were locally owned.
