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Tanzania: mobile phone boosts financial inclusion

Tanzania: mobile phone boosts financial inclusion


>> Agent banking and mobile phone transactions are picking up ​​

>> Tanzanian financial sector penetration reaches 55 per cent in 2014

​​​​​​DAR ES SALAAM, Tanzania, 29 June 2015 – ​​Agent banking and mobile phone transactions are picking up while pushing up as demonstrated by an increase the volume and value of transactions, according to a story that appeared on Tanzania news site.

Agency and mobile money have assisted financial sector penetration in the country to overtake its goal of reaching 50 per cent, two years ahead of a 2016 deadline, the story adds, swelling to  55 per cent. The business, a new phenomen in the country, defies all odds in the market to 2,013 active contracted agents who are facilitating 881,327 deposits through the end of April of this year, the story notes.

The story notes that agents have controlled TZS503.1 billion transactions by way of deposits while withdrawal transactions valued at TZS75.5 billion, showing a huge sum was saved in the banks accounts. On other hand, mobile payments have also continued to grow with estimated transactions averaging TZS116.8 billion per day.

The Bank of Tanzania was quoted as saying: "This growth points to the potential of leveraging technology based delivery channels in increasing access to financial services with lower transactions cost,"

"The sector also continued to be stable and sound as depicted by financial soundness indicators," BoT says in June Monetary Policy Statement issued recently.

The article cites central bank data, showing that up to the end of the April registered nine banks which are providing agency business. Among them were WSBI members: DCB, Tanzania Postal Bank as well as CRDB, Maendeleo Bank and Kenya's Equity Bank.

>> See the full article that appeared at the allAfrica news website 

Digitalisation; Mobile Banking; Mobile payments; Financial inclusion