The Economy of Tanzania
Mobile Money and Financial Inclusion
Mobile money services like M-Pesa, Tigo Pesa and Airtel Money let millions of Tanzanians send and save money without a bank.
A leapfrog technology.
How it works
Customers deposit cash with an agent and send money by phone.
Reach
Most adults have a mobile money account, far more than have bank accounts.
Uses
Payments, remittances, savings, small loans and insurance.
Rules
Regulators have added levies, which some say raise the cost of use.
An agent shop
A small kiosk sells airtime and handles cash in and out for mobile wallets.
Assuming mobile money is only for the poor
It serves all groups.
Key takeaways
- Mobile money is widespread.
- Agents provide access.
- It supports payments and savings.
- Levies raise costs.
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