Tanzania: Mobile money accounts have more than doubled in 5 years (TCRA)

July 22nd 2024

Africa, ICT News, Mobile Money, network

The number of active mobile money accounts has increased from 25.8 million in 2019 to 55.8 million in 2023, according to data from the Tanzania Communications Regulatory Authority (TCRA). This represents a growth of 116.2% in five years.

The national mobile money subscriber base is notably shared between M-Pesa (Vodacom), Tigo Pesa (Tigo) and Airtel Money (Airtel) which together hold 89% of the market share. The number of mobile financial transactions increased by 76.6%, from 3 to 5.3 billion over the period.

The growing adoption and usage of mobile money in Tanzania cannot be separated from that of mobile telephony since a SIM card is required to open an account with telecom operators. The national mobile subscription base has increased from 43.7 million in 2018 to 76.6 million in 2023.

This growth in the number of mobile money accounts reflects the importance of this service for the financial inclusion of the Tanzanian population. According to Statista, only 23.3% of Tanzanians had an account in a financial institution at the beginning of 2024. Furthermore, the Tanzanian Digital Economy 10-Year Strategic Framework (2024-2034) places digital financial services as one of the pillars of the digital economy.

Source: Agency EcoFin

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