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The growing mobile money sector in Tanzania is dominated by two providers, namely Vodacom’s M-Pesa and Tigo Pesa. By ****, the total number of mobile money subscribers in Tanzania exceeded **** million.

Mobile money – How does it work?

Registered users can deposit cash in their digital mobile money account, make withdrawals or transfers. These transactions are managed by communication agencies like Vodacom and their licensed agents. To sign up, prospective users must purchase a SIM card from the provider, and while the registration is free, transactions are fee-based. Unlike other forms of mobile/digital payments, mobile money is not linked to bank accounts.

M-Pesa as market leader in Tanzania

Against the backdrop of increasing internet access and smartphone usage, the mobile money industry is growing at a rapid pace. After Safaricom launched M-Pesa in Kenya in 2007, it has become Africa’s leading mobile money service. In Tanzania, the provider has dominated the market in recent quarters, accounting for over 106 million mobile money transactions in . During that month, the overall value of mobile money transactions reached *** billion U.S. dollars in Tanzania.