GEITA: THE Bank of Tanzania (BoT) has urged small-scale miners in Geita Region to adopt digital payment systems as an alternative to cash transactions in order to reduce fraud involving counterfeit banknotes.
BoT Public Relations Officer Mr Sadi Makomba made the appeal during a special seminar held recently on proper banknote handling and counterfeit banknote detection for various community groups.
The seminar targeted small-scale miners, masters of ceremonies (MCs), musicians, and entrepreneurs, and was held at the Geita Mining Exhibition Grounds in Geita Municipal Council.
Mr Makomba said the central bank is committed to educating Tanzanians on how to identify counterfeit banknotes and safeguard their personal finances in order to prevent fraud, particularly in business centres and mining areas.
He noted that such awareness is especially important in Geita Region, where the economy is growing rapidly, driven by mining activities that involve a high volume of cash circulation.
Mr Makomba added that besides improving financial security, digital transactions through mobile money and banking services contribute to national economic growth by keeping money within the formal financial system.
“Digital alternatives also reduce the rapid wear and tear of banknotes because many transactions are conducted through mobile phones and the banking system, including ATMs,”he said.
He also advised women to avoid storing banknotes in places that can easily damage them, including inside bras, and instead keep them safely in handbags or wallets.
“Poor handling of banknotes causes significant losses to the country because our currency is produced using foreign exchange. To minimize these losses, it is important that our citizens receive this education,” he said.
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One of the seminar participants, Mr Idd Chundu, an MC, suggested that financial education clubs be established in primary and secondary schools to promote proper money handling and storage from an early age.
“If children receive this education from primary school through secondary school, I believe we will raise a generation that understands how to take good care of money,” he said.
Another participant, Ms Teonestina Christopher, a small-scale miner, said education on counterfeit banknote detection and proper money handling is particularly important for miners because of the demanding nature of their work.
“Miners earn their money under very difficult conditions. When they finally get paid, they want to use it to ease the hardships they endure in the mining pits,” she said.
Meanwhile, Mr Mwema Yusuf, popularly known as MC Mwema, recommended that the education campaign should also target fishermen, whose working conditions often contribute to the deterioration of banknotes.
“Fishermen usually keep their money in their trouser pockets. When they get wet, the banknotes become soaked, and they end up drying them in the sun,” he said.