Dar es Salaam. The Bank of Tanzania (BoT) has announced the opening of its financial technology (FinTech) Regulatory Sandbox applications beginning next month in efforts to promote technologies and innovations in the financial sector.
According to a statement issued by the central bank recently, the first application window for 2025 will be open from January 2 to 22.
“Interested FinTech companies and financial service providers are required to apply via the bank’s Fintech Regulatory Sandbox application portal in conformity with the regulations,” the bank said in a statement signed by deputy governor for financial stability and deepening.
“We look forward to receiving applications, which shall be evaluated based on the requirements of the regulations,” the statement added.
The Sandbox operates under the Bank of Tanzania (Fintech Regulatory Sandbox) Regulations, 2024, which seek to create a controlled environment where new financial products and services can be tested before being fully regulated.
“The Bank of Tanzania promotes financial technologies (FinTechs) and innovations for inclusive and efficient provision of financial services and products through creating an enabling regulatory environment,” the bank stated.
“The Sandbox provides a test-and-learn approach for financial solutions not yet fully covered by existing regulatory frameworks.”
Eligible entities, including financial institutions, mobile money operators and fintech companies, are required to apply through the bank’s online portal (https://frsp.bot.go.tz/).
Applications will be assessed based on the requirements set forth in the regulations, and successful applicants will be notified within 30 working days after the application window closes.
The introduction of the Sandbox aligns with global trends where central banks and regulators are adapting to the rapidly evolving financial technology landscape by fostering a balance between innovation and consumer protection.
The Fintech regulations mandate participants to adhere to the Personal Data Protection Act No. 11 of 2022 when collecting data during or after testing a financial solution.
The mandate ensures that sensitive information, including customer data, is safeguarded throughout the testing process and beyond, even after approval has been withdrawn.
Additionally, applicants must register their intellectual property rights with the appropriate authorities, and the BoT is not liable for claims made by third parties against the applicant/Fintech Regulatory Sandbox participant.
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Air Tanzania Banned From EU Airspace Due to Safety Concerns
Several airports have since locked Air Tanzania, dealing a severe blow to the Tanzanian national carrier that must now work overtime to regain its certification or go the wet lease way
The European Commission has announced the inclusion of Air Tanzania on the EU Air Safety List, effectively banning the airline from operating in European airspace.
The decision, made public on December 16, 2024, is based on safety concerns identified by the European Union Aviation Safety Agency (EASA), which also led to the denial of Air Tanzania’s application for a Third Country Operator (TCO) authorisation.
The Commission did not go into the specifics of the safety infringement but industry experts suggest it is possible that the airline could have flown its Airbus A220 well past its scheduled major checks, thus violating the airworthiness directives.
“The decision to include Air Tanzania in the EU Air Safety List underscores our unwavering commitment to ensuring the highest safety standards for passengers in Europe and worldwide,” said Apostolos Tzitzikostas, EU Commissioner for Sustainable Transport and Tourism.
“We strongly urge Air Tanzania to take swift and decisive action to address these safety issues. I have offered the Commission’s assistance to the Tanzanian authorities in enhancing Air Tanzania’s safety performance and achieving full compliance with international aviation standards.”
Air Tanzania has a mixed fleet of modern aircraft types including Boeing 787s, 737 Max jets, and Airbus A220s.
It has been flying the B787 Dreamliner to European destinations like Frankfurt in Germany and Athens in Greece and was looking to add London to its growing list with the A220.
But the ban not only scuppers the London dream but also has seen immediate ripple effect, with several airports – including regional like Kigali and continental – locking out Air Tanzania.
Tanzania operates KLM alongside the national carrier.
The European Commission said Air Tanzania may be permitted to exercise traffic rights by using wet-leased aircraft of an air carrier which is not subject to an operating ban, provided that the relevant safety standards are complied with.
A wet lease is where an airline pays to use an aircraft with a crew, fuel, and insurance all provided by the leasing company at a fee.
Two more to the list
The EU Air Safety List, maintained to ensure passenger safety, is updated periodically based on recommendations from the EU Air Safety Committee.
The latest revision, which followed a meeting of aviation safety experts in Brussels from November 19 to 21, 2024, now includes 129 airlines.
Of these, 100 are certified in 15 states where aviation oversight is deemed insufficient, and 29 are individual airlines with significant safety deficiencies.
Alongside Air Tanzania, other banned carriers include Air Zimbabwe (Zimbabwe), Avior Airlines (Venezuela), and Iran Aseman Airlines (Iran).
Commenting on the broader implications of the list, Tzitzikostas stated, “Our priority remains the safety of every traveler who relies on air transport. We urge all affected airlines to take these bans seriously and work collaboratively with international bodies to resolve the identified issues.”
In a positive development, Pakistan International Airlines (PIA) has been cleared to resume operations in the EU following a four-year suspension. The ban, which began in 2020, was lifted after substantial improvements in safety performance and oversight by PIA and the Pakistan Civil Aviation Authority (PCAA).
“Since the TCO Authorisation was suspended, PIA and PCAA have made remarkable progress in enhancing safety standards,” noted Tzitzikostas. “This demonstrates that safety issues can be resolved through determination and cooperation.”
Another Pakistani airline, Airblue Limited, has also received EASA’s TCO authorisation.
Decisions to include or exclude airlines from the EU Air Safety List are based on rigorous evaluations of international safety standards, particularly those established by the International Civil Aviation Organization (ICAO).
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The process involves thorough review and consultation among EU Member State aviation safety experts, with oversight from the European Commission and support from EASA.
“Where an airline currently on the list believes it complies with the required safety standards, it can request a reassessment,” explained Tzitzikostas. “Our goal is not to penalize but to ensure safety compliance globally.”
Airlines listed on the EU Air Safety List face significant challenges to their international operations, as the bans highlight shortcomings in safety oversight by their home regulatory authorities.
For Air Tanzania, this inclusion signals an urgent need for reform within Tanzania’s aviation sector to address these deficiencies and align with global standards.
The path forward will require immediate and sustained efforts to rectify safety concerns and regain access to one of the world’s most critical aviation markets.
Source: allafrica.com
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