Tanzania: 86% Are Financially Included, a New Twaweza Study Says

Friday, December 16, 2016

The number of Tanzanian adults who have access to financial services has increased to 86 per cent compared with 16 per cent recorded in 2009, a new study reveals.

That means, 86 per cent of the adults use banking, credit, insurance or mobile money services from the formal sector, according to Twaweza’s report called Money Matters: Citizens and financial inclusion; which was launched yesterday.

The improvement was mainly influenced by mobile money services which are subscribed by 80 per cent of mobile phone users. The Finscope study indicated that the financial inclusion was 57.4 per cent in 2013.

Mobile money registered a huge increase as only 22 per cent of the people have a bank account.

Source: allAfrica (link opens in a new window)

financial inclusion, fintech