Tanzania Reaches 55% Financial Inclusion Thanks To Mobile Money

Bank Of Tanzania (BOT) Deputy Governor, Mr Juma Reli told the Daily News newspaper at the sideline of the 21st World Savings and Retail banking Institute Africa region meeting that Tanzania has registered a financial inclusion of 55% in 2014.

This exceeds the 50% target of financial inclusion by 2016 set by Tanzania.

Mr Reli, credited mobile money transactions and the spread of mobile financial services with having a key role in reaching this achievement.

According to a report titled “Enabling Mobile Money Policies in Tanzania” by GSMA, less than 1% of the Tanzanian adult population had access to mobile financial services in 2008 versus 90% by September 2013.

Mr Reli indicated that BOT is now working on a new target for financial inclusion in Tanzania but no specific figure could yet be disclosed.

Mobile money is currently provided in Tanzania by 4 mobile operators namely by Vodacom with M-Pesa, Tigo with TigoPesa, Airtel with AirtelMoney and Zantel with EzyPesa.