Legal framework challenges to e-banking in Tanzania

Charles Ishengoma Kato

PSU Research Review, 2019, vol. 3, issue 2, 101-110

Abstract: Purpose - This paper aims to examine the legal challenges to electronic banking and initiatives taken to address them in Tanzania. It is based on the results of a comparative analysis of policies and laws of other countries from which Tanzania can pick a leaf on how to deal with challenges brought by information and communication technology-induced innovations in the banking sector. Design/methodology/approach - The study upon which this paper is based employed comparative analysis methods by analysing different policies and laws of Tanzania in line with attendant laws of other jurisdictions such as the USA, Malaysia, South Africa, Rwanda and Kenya and international instruments in a bid to establish the best practice pertaining to controlling and containing legal challenges brought by developments in electronic banking. Findings - This paper confirms that, the prevailing laws guiding electronic banking in Tanzania do not adequately address the challenges the banks and customers face during electronic banking transactions. Thus, there is a need to amend the Tanzanian laws guiding this sector to put in place legislation capable of facilitating the development of electronic banking whilst addressing the associated challenges the users encounter. Originality/value - This paper underscores the value of amending existing or enacting new laws in line with the development of technology/innovation to protect consumers in nascent electronic banking of the country. Moreover, it advocates for the development of innovation in banking sector should not be left to grow without amending/enacting laws that will promote its development and at the same time protect the users to avoid far-reaching and often unpleasant implications.

Keywords: Law; Rule of law; Financial reform and regulation; E-banking legal challenges; Information and communication technology cybercrime (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eme:prrpps:prr-06-2018-0016

DOI: 10.1108/PRR-06-2018-0016

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