DAR ES SALAAM: THE Bank of Tanzania (BoT) is turning to artists and content creators to help promote responsible handling of banknotes and coins, tapping into the creative sector’s wide influence to reach and shape public behaviour. The initiative is part of efforts to reduce unnecessary physical movement and handling of large quantities of cash. … The post BoT uses creative sector on responsible cash use appeared first on Daily News .
DAR ES SALAAM: THE Bank of Tanzania (BoT) is turning to artists and content creators to help promote responsible handling of banknotes and coins, tapping into the creative sector’s wide influence to reach and shape public behaviour.
The initiative is part of efforts to reduce unnecessary physical movement and handling of large quantities of cash.
Speaking at a financial education seminar for artists, content creators and other stakeholders, BoT Director of Economic Research and Policy Dr Suleiman Misango said the creative sector could play an important role in educating the public on responsible cash use and encouraging greater adoption of electronic money transfers.
“Responsible handling of banknotes would support economic activities while reducing costs associated with printing and distributing currency,” Dr Misango said.
He urged Tanzanians to use electronic transfers where practical, particularly for large financial gifts during weddings, ceremonies and other social events.
Someone intending to give 100m/- as a gift, for example, does not need to carry large amounts of cash to a ceremony and could instead transfer the money directly to the recipient’s bank account, he said.
Greater use of electronic transfers could reduce the physical movement and handling of large quantities of banknotes while making transactions more convenient.
The BoT monitors the expected circulation life of different banknote denominations under normal conditions before they become worn and are returned to the banking system for replacement.
Dr Misango said a significant reduction in the expected circulation period could indicate poor handling.
“When we see that the circulation period becomes shorter than expected, it is one of the indicators that the notes may not have been handled properly,” he said.
The lifespan of banknotes can also vary depending on the environment in which they circulate, including differences between urban and rural areas and the frequency with which particular denominations are used.
The central bank is therefore combining efforts to improve cash-handling practices with measures to encourage greater adoption of digital payments.
Dr Misango said artists and content creators were targeted because of their ability to reach large audiences and influence public behaviour through social media, entertainment and other communication platforms.
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The seminar also sought to improve stakeholders’ understanding of the BoT’s mandate and operations, with financial education viewed as a tool for strengthening public participation in the formal financial system.
The initiative underscores the economic cost of maintaining cash even as Tanzania’s payment system becomes increasingly digital.
While banknotes remain important to the economy, shifting suitable transactions to electronic channels could help reduce the volume of cash handled and, in turn, the costs associated with currency replacement and distribution.
The BoT also reminded the public that intentionally damaging banknotes is a criminal offence.
Under the law, a person convicted of destroying a banknote can be fined 500,000/- for each note, with failure to pay potentially resulting in up to one year in prison for each damaged banknote.
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