Browsing: Mobile money in Tanzania

• Mobile money is growing fast in East Africa
• Despite of the pandemic, still mobile money regulators enabled its performance
• Financial technologies are changing the way unbanked populations access finance services 

Mobile money is still king in Africa and will be so for long. With more than 548 million (up 12 per cent) registered accounts attached to a 27.4 billion transaction volume worth $490 billion, Africa stands to draw billions from mobile money and transform its economies significantly (GSMA 2021). 

Thanks to financial technology (fintech) which has accelerated financial inclusion in sub-Saharan Africa, now more than ever, the unbanked population in rural areas of Africa can access financial services seamlessly, even during the coronavirus pandemic’s harsh times. 

Today fintech technologies are challenging traditional financial services, particularly banks in Africa. This has forced banks to adapt to the new game brought by fintech aggregators, including fusing their services to mobile services and …

The government amended the Electronic and Postal Communication Act (CAP) last month by imposing a levy of between US$0.0043 (10Tsh) and US$4 on mobile money transactions, depending on the amount sent and withdrawn.

One of the key factors that led to the expansion of mobile money in Africa and Tanzania, in this case, was the increased interoperability, product expansion—which brought financial inclusion to enable nearly everyone with decent income-earning schedules to own a mobile wallet account.…

Tanzania’s smartphone’s network—Airtel Tanzania, has ushered a new mobile money service branded “Send With a withdraw fee”, emerging with a rather customized competitive advantage within the growing mobile money industry in Tanzania.

According to Tanzania Communications Authority (TCRA) June quarterly statistics, there are over 22.9 million mobile money accounts in Tanzania, responsible for around 260 million mobile money transactions.

Further, TCRA report shows that, there are over 43 million telcom subscribers, while Airtel Tanzania owns 26 per cent of the market share (over 11 million subscribers) and 18 per cent of the mobile money share.

The service which was launched on October 16, will enable Airtel Money customers in Tanzania, to send money to their counterparts differently compared to other networks, this time—all transactions will be executed with a built-in calculated sending fee, unequivocally offering a seamless service necessary for a mobile money take over, as elaborated by …