More Africa NewsVodacom Tanzania extends its international transfer service to 8 SADC countries

October 31, 2022by myles0

Mobile financial services are growing in Africa. According to the Tanzanian communications regulator, 39.5 million Tanzanians made 366 million transactions with a total value of around 12.7 trillion shillings ($5.4 billion) as of September 2022.

Telecom operator Vodacom Tanzania announced on Thursday, October 27 that M-Pesa, its mobile financial services platform, has extended its international money transfer service to 8 new countries in the Southern African Development Community (SADC). This will allow its subscribers to send and receive money through their mobile money accounts in these countries.

The countries concerned are South Africa, Malawi, Zambia, Zimbabwe, Lesotho, Mozambique, Eswatini (Swaziland) and DR Congo. This initiative “  makes it possible to financially link the diaspora to their families back home, while international and inter-regional trade is made even easier thanks to mobile money  ”, affirmed Stergomena Tax, Tanzanian Minister of Foreign Affairs and East African cooperation.

Vodacom began developing its international transfer portfolio from 2014 with Kenya. In 2019, the operator expanded the M-Pesa service, allowing its subscribers to send money across East Africa and receive it from more than 200 countries. In September 2021, it added functionality to send money to all bank accounts in Kenya, Uganda, and Rwanda.

M-Pesa remains the leading mobile financial service in Tanzania. The service registers 15.5 million users, or 39% share of a national market estimated at 39.5 million users according to the latest statistics from the Tanzanian Communications Regulatory Authority (TCRA).

“  The advent of mobile money in international remittances has not only improved ease of access, but also reduced the cost of transfers, bringing us closer to achieving the Sustainable Development Goal (SDG 10 ) United Nations. We applaud this growth in this space and commend Vodacom M-Pesa for leading the way  ,” said Ms. Tax. 

Source: Agence Ecofin

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