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The mobile money sector in Tanzania is dominated by two providers, namely Safaricom’s M-Pesa and Tigo Pesa. In ****, mobile money users made nearly *** million transactions using one of the six mobile money services.

Mobile money services – How do they work?

Mobile money services like M-Pesa are used to pay bills, make private transfers, and conduct business transactions. These mobile wallets are operated via mobile phone and powered by SIM cards from large operators. As transactions are concluded via text message, no internet connection is needed.

Supporting financial inclusion

Tanzania is one of the world’s leaders in mobile money transactions. In , mobile money transfers in the country had a value of over *** billion U.S. dollars attributable to the over 47 million subscriptions in Tanzania. Measured against the total population of approximately ** million, around ** percent of Tanzanians made use of mobile money technology in 2019, while only a small minority had access to traditional banking services. With the almost universal availability of mobile phones and the high mobile voice penetration rate in Tanzania consumers have easy access to financial services and financial inclusion.