IFC Promote Mobile Money Interoperability in Tanzania

Tanzania Mobile Money Interoperability

IFC, a member of the World Bank Group, launched a consumer education campaign to raise awareness about interoperable mobile money services that help to promote financial inclusion in Tanzania.

The marketing campaign, which aims to reach one million individuals, will be rolled out over six months from March to September 2017.

IFC has appointed Fern Tanzania Ltd of Tanzanian to lead the campaign, in collaboration with the mobile phone operators.

In September 2014, Tanzania’s four major mobile phone operators—Vodacom, Tigo, Airtel and Zantel—reached an interoperability agreement to allow their customers to interact with each other.

Through the interoperability agreement customers can make payments from the mobile money account of one provider to the mobile money account of another provider.

This makes Tanzania one of the first countries in the world with an industry-agreed interoperable market for mobile financial services.

However, an IFC report title “Achieving Interoperability in Mobile Financial Services: Tanzania Case Study,” identified limited awareness of interoperability, coupled with competitive pressures and lack of trust among operators as key barriers to growth in the sector.

“Mobile payments services have had a tremendous impact in promoting financial inclusion in many countries of the world, including Tanzania and its neighboring countries,” said Riadh Naouar, Head of Advisory Services, IFC Financial Industries Group. “IFC is invested in the continued development of this regional innovation and is providing investments and technical support to banks, mobile network operators, microfinance institutions and other payment services providers.”

IFC Tanzania
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.

RELATED:  Mobile Money Transactions in Tanzania Reach TZS 50 Trillion in 2016-17