Mobile Money drives financial inclusion in Tanzania

Tanzaniacity

WorldRemit has announced that its customers can now send remittances to Zantel EzyPesa accounts in Tanzania – one of the nine countries in the world where Mobile Money accounts outnumber bank accounts.

The online money transfer service already sends 25x more transfers to Mobile Money in Tanzania than to banks, even before the launch of EzyPeza.The addition of EzyPesa means that WorldRemit now offers transfers to two of Tanzania’s four Mobile Money services.  Customers can also send money to friends and family using Tigo Pesa.

WordRemit’s founder and CEO Ismail Ahmed said: “With so few bank accounts in Tanzania, Mobile Money is not just the preferred method of receiving international remittances, for many people it is the only option.”

“There is little doubt that Mobile Money is going to be the main driver of widening financial inclusion, both in Tanzania and for the 2.5 billion unbanked people across the globe,” he added. “To WorldRemit, that means vast new markets to serve, in addition to the business we are drawing away from old-fashioned offline remittance companies.”  

In Tanzania, just 11 percent of the population has access to a bank account, while 41 percent are active Mobile Money users.

Inbound remittances to Tanzania have doubled in the past five years from $37m in 2008 to $75m in 20132.  That trend is being repeated around the world with 246 Mobile Money services currently active and further 113 deployments in development.

Source: Hotwirepr

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