Tanzania Mobile Report: Money Market to Reach US $216.4 Billion by 2024
The latest report by IMARC Group, titled “Tanzania Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Tanzania mobile money market size reached US$ 45.5 Billion in 2018. Mobile money refers to a service in which the users can pay bills, transfer funds between banks or accounts and deposiat or withdraw funds via mobile phones. These services have emerged as a powerful tool for strengthening financial access in developing markets. Tanzania has experienced robust growth in the use of mobile money since the service was first introduced in the country in 2008. Over the years, it has evolved beyond the simple transfer of money, allowing people to save, insure and borrow money. At present, a significant percentage of Tanzanians have registered mobile money accounts and the country represents one of the leading mobile money markets in the world.
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Mobile money, also referred to as a mobile wallet, is a payment method that allows users to pay bills, transfer funds between banks or accounts and deposit or withdraw funds using mobile phones. From simple transfer of money, this method has now enabled people to save, insure and borrow money as well in a convenient manner, owing to which it is gaining preference among consumers.
The use of mobile money has witnessed strong growth in Tanzania since its introduction in the country in 2008. It currently represents one of the leading mobile money markets in Africa, owing to the increasing usage of mobile phones for financial transactions. A significant percentage of Tanzanians have registered mobile money accounts, which help them to execute these transactions in a relatively reliable and inexpensive manner. Moreover, the growing number of partnerships between mobile money operators and international money transfer services like MoneyGram and Western Union has facilitated users of different service platforms to transact directly with each other. This has provided operator-to-operator international money transfer interoperability, which, in turn, is creating a positive outlook for the market. Other factors, such as urbanization, increasing digital literacy, along with an overall improving education system enabling the social and economic empowerment of individuals, are also contributing to the market growth.
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Photo courtesy of Jean Gerber.