BANK OF TANZANIA (BoT) REPORTS THEFT IN BANKING INDUSTRY, PHONE TRANSACTIONS LEAD ECONOMY:

 

 The Central Bank of #Tanzania has issued information to all Banks and Financial Institutions regarding incidents of Theft in the Banking Sector

through a letter with reference FA.53/359/01/25 of March 5, 2024, the Central Bank has shown Theft caused by Bank Employees, Telephone Transactions, Theft through ATM Cards and Counterfeit Checks while there is no Armed Robbery

The report has summarized the Losses caused by theft incidents for each quarter of 2023 where Theft in Mobile Banking Transactions led (Jan-March Tsh. 1.6 Billion, Apr-June Tsh. 674 Million, Jul-Sept. Tsh. 901 Million and Aug-Dec Tsh 1.6 billion)

boT has said that the statement aims to help in improving internal control to reduce future losses resulting from theft in the Banking Industry