Vodacom Tanzania, CBA launch mobile money banking product
Friday, May 16, 2014
Vodacom Tanzania and Commercial Bank of Africa (CBA) have launched a banking service named M-Pawa allowing Tanzanians to save and borrow money on their mobile phones.
Similar to Kenya’s M-Shwari, launched by CBA with Safaricom, M-Pawa combines CBA’s banking platform with M-Pesa’s distribution system, which boasts over 65,000 agents across Tanzania.
Tanzania’s president Jakaya Mrisho Kikwete said the launch of M-Pawa highlights the success in reforms made in the country’s financial sector, coupled with heavy investment made by mobile communication players.
“This has allowed our people to access affordable financial services through their mobile phone,” he said.
Vodacom Tanzania managing director Rene Meza said the service will further enhance Tanzania’s financial inclusion agenda.
“M-Pawa is easy to use since the customers do not need to fill in application forms while opening the account. They can open a bank account by simply accessing the M-Pesa menu on their phone and selecting M-Pawa. Furthermore, there are no ledger fees, limits on the frequency of withdrawals, minimum operating balances and charges on deposits and withdrawals from M-Pesa to M-Pawa accounts and vice versa,” he said.