(Dar es Salaam) – Mobile money services in Tanzania are transforming financial access and economic activity, with over 60 million mobile accounts recorded by September 2024.
Data from the Tanzania Communications Regulatory Authority (TCRA) highlights the rapid growth of mobile money services in the country. Analysts, including financial expert Rashid Aziz, attribute this to increased financial inclusion, especially in underserved areas. Mobile money platforms now facilitate loans, savings, and seamless money transfers, allowing broader access to financial services.
Aziz noted that mobile money systems have improved financial security. Unlike traditional forms of theft, criminals now require access to personal passwords to compromise funds, making transactions more secure. These advancements have also increased the circulation of money, benefiting the economy.
Additionally, Aziz emphasized that mobile money services simplify financial tracking for users and the government. Authorities can now monitor funds in circulation more effectively, ensuring a more controlled financial ecosystem.
Philip Besiimire, CEO of Vodacom Tanzania—currently leading the market with 36.9% share—highlighted his company’s role in promoting financial literacy and sustainability. Vodacom has collaborated with stakeholders to provide financial training to over 12,000 groups, focusing on small-scale savings techniques.
Through Vodacom’s M-Koba service, a savings platform under M-Pesa, significant progress has been made in empowering customers, particularly women. According to Besiimire, women constitute more than 50% of M-Koba users and account for 60% of the platform’s transaction value, which amounts to TZS 1 trillion annually.
Vodacom plans to continue supporting its customers in transitioning to the digital economy, offering them access to opportunities that can improve their social and economic well-being. Besiimire stressed the importance of increasing smartphone usage to achieve these goals. Vodacom is actively working with partners to expand smartphone accessibility and reduce costs, ensuring more people benefit from digital financial services.
| Key Mobile Money Metrics in Tanzania (2024) | Details |
|---|---|
| Total Mobile Accounts | 60.8 million |
| Vodacom Market Share | 36.9% |
| M-Koba Annual Transaction Value | TZS 1 trillion |
| Women’s Contribution to M-Koba Transactions | 60% of total value |
Mobile money services are not only reshaping Tanzania’s financial landscape but also enabling broader participation in the economy.