Tanzania, Sept. 8 -- Dar es Salaam. Experts say Tanzania needs to widen bank participation, harmonise regulations, promote the use of local currencies and integrate regional payment systems with digital platforms if it is to unlock their full potential in cross-border trade.

They also want greater awareness among businesses and consumers, alongside efforts to make regional payment channels more competitive in terms of cost, speed and reliability.

The recommendations come as Tanzania struggles to translate its regional payment infrastructure into widespread use, with data showing declining activity on some platforms and limited participation in others.

The challenge is particularly evident on the East African Payment System (EAPS) and t...