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Having an effective legal framework is critical to the development of electronic
banking in this technological era. The main objective of this study was to assess the
efficacy of the legal framework on electronic banking in Tanzania, with reference to
CRDB BANK PLC. The study was premised on three specific research questions: to
identify the nature of services and benefits related to e-banking at CRDB Bank PLC;
to identify the current laws and regulations applied in e-banking transactions in
Tanzania with respect to CRDB Bank PLC; and to find out the challenges and barriers
in the implementation of the said laws in respect of e-banking.
The study used questionnaires and interview guides, coupled with documentary
review. The findings showed that when it comes to the nature of services most
accessed under the e-banking, majority of the respondents indicated that they used ebanking to access information about their account. Further, the findings indicate that
majority of the respondents indicated that they were using phones/tablets to access ebanking services, followed by those that indicated that e-banking services were
through the medium of automated teller machines. A good case in point is the Bank of
Tanzania (Consumer Protection) Refutations of 2019, which show that the regulations
were hurriedly drafted as they are not detailed enough as far as the protections of bank
customers are concerned.
One of the areas that still need attention of the policy makers is the issue of the
consumer protection, especially owing to the negligence of the staff of the financial
services provider; the regulations give too much power to the concerned financial
institution to investigate, hear the complaints, and accordingly compensate the
complainant. As such, the study recommends reviewing of these regulations and
bringing them in line with other best practices around the world. For instance, we have
cited the case of The Netherlands, Australia and India, where these countries have
independent bodies specifically dedicated to solving customer complaints arising out
of the interaction between customers and their financial services provider. |
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