Banks
in Tanzania are encouraging their customers to switch to electronic payments
and online banking to minimise the possible disruption of financial services
during the coming rains, which are expected to be heavier than usual because of
El Niño.
This
a natural climate phenomenon that occurs about every two to seven years - and
affects weather patterns globally.
According
to the Tanzania Meteorological Authority, El Niño could disrupt the coming
short rainy season that lasts from October to December. Typically El Niño leads
to flooding in northern areas, while some areas of the south get less rain than
normal.
The
central bank said this could have repercussions for essential sectors of the
economy. It also urged financial institutions to increase transaction limits
for customers and take out insurance to cover loans given to clients.
Meanwhile,
the country’s disaster unit has advised those living in lowland areas to
relocate in case of flooding.
Tags
National Economic Empowerment Dialogue tasks the Bank of Uganda to tackle fraud in banks.
Popular and Recent News
Comment