Bank of Tanzania(BoT) is set to have Sauda Kassim Msemo as Deputy Governor after being appointed to that position by President Suluhu Samia. This appointment takes effect on 1st June 2022.
She becomes only the second woman in the country’s history to serve in the position. Msemo previously served as Commissioner for External Finance, Ministry of Finance and Planning. She takes over from Dr Bernard Yohana Kibese who has been appointed as ambassador.
Sauda Kassim Msemo will deputize BoT Governor, Prof. Florens Luoga Bank of Tanzania Governor.
Prof. Florens Luoga won the Central Banker of the Year award for Africa for 2021, which is being organized by The Banker Magazine, a subsidiary of the Financial Times, for his efforts to boost the country’s economy in the midst of COVID-19 pandemic.
Msemo joins a financial regulator which was won awards for its clampdown on irresponsible lending and plans to launch a central bank digital currency (CBDC).
BoT Awards for its Monetary Policy Stance
BoT has also won accolades for reducing non-performing loan levels within the banking industry to the central bank’s target rate of five percent, easing lending restrictions and boosting credit for small businesses and combating effects of COVID-19.
Prof. Luoga, in order to ensure that Tanzania keeps up with the latest global trends, has shown interest in central bank digital currencies (CBDCs).
Recently, the Central Bank of Nigeria, also a member of AFI, recently launched the first CBDC in the continent.
BoT also took swift measures against COVID-19, shielding at-risk groups from financial shocks and fostering economic recovery by easing monetary policies and encouraging banks to implement payment holidays, lower interest rates and extend loan restructuring periods to provide financial relief for customers.
As chair of AfPI, the BoT co-hosted a series of virtual AfPI meetings in August 2021 that called for further strengthening of financial systems by embracing digitalization and innovation.
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