Tanzania: Dar Economy ‘Stable’ As Financial Inclusion Hits 60 Percent
Mobile phone money services have heightened financial inclusion during the past decade from just 11 per cent to over 60 per cent of the population as of now, a new report by the World Bank has revealed.
The 9th Tanzania Economic Update titled; “Money within reach; Extending Financial Inclusion in Tanzania,” indicates further that despite the fragile global economy, the Tanzanian economy has maintained a relatively high level of stability.
According to the outlook, in less than eight years, efficient and low-cost mobile money transfer services have significantly uplifted financial inclusion in Tanzania. “More than 60 per cent of the population now has a financial account compared to 11 per cent in 2006, with most of these accounts held through mobile money services,” the dossier read in part.
Speaking at the launch of the report, the Bank of Tanzania (BoT) Governor, Prof Benno Ndulu, was impressed that people can even borrow money from mobile phone services to run small-scale businesses.