Tanzania Mobile Money Market to Reach US$ 120.4 Billion by 2027, Influenced by Rising Penetration of Mobile Phones

January 12, 2022

As per the latest report by IMARC Group, titled “Tanzania Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the Tanzania mobile money market size reached US$ 54.5 Billion in 2021. Mobile money refers to a service using which the users can pay bills, transfer funds between banks accounts, and deposit or withdraw money through mobile phones. It is rapidly gaining popularity as it serves as an easy and safe alternative for making electronic payments. Over the years, mobile money has evolved beyond the simple transfer of money, allowing individuals to save, insure and borrow funds. At present, Tanzania represents the one of leading mobile money market in Africa, with a significant percentage of registered mobile money accounts.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Tanzania Mobile Money Market Trends:

The market is primarily driven by the increasing penetration of mobile phones and the internet. At present, the majority of the adult population in Tanzania uses mobile phones for financial transactions. In addition, various financial services, such as microloans, mobile insurance, hospitalization covers, and credit services offered by mobile operators have significantly increased the number of mobile money accounts across the country. Besides this, Tanzania has become the first country in Africa to introduce interoperability where customers from different providers can transfer the funds instantly without any inconvenience, which, in turn, is strengthening the market growth. Furthermore, several banking institutions in the country are introducing various initiatives to promote a broader awareness of different financial services among individuals, which represents another growth-inducing factor. Looking forward, IMARC Group expects the market value to reach US$ 120.4 Billion by 2027, exhibiting a CAGR of 14.20% during the forecast period (2022-2027).

Market Summary:

  • Based on technology, the market has been segmented into unstructured supplementary service data (USSD), mobile wallets, and others. At present, USSD represents the most popular technology used for making mobile money transactions.
  • On the basis of the business model, the market has been segregated into mobile led and bank led models. Amongst these, mobile led models account for the majority of the total market share.
  • Based on the transaction type, the market has been classified into peer to peer, bill payments, airtime top-ups, and others. Currently, peer to peer transaction holds the highest market share.
  • The competitive landscape of the market has also been analyzed, with some of the key players being M-Pesa (Vodacom Tanzania Limited), Tigo Tanzania (MIC Tanzania Public Limited Company), and Airtel Money Tanzania Limited.

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Tanzania Mobile Money Market to Reach US$ 120.4 Billion by 2027, Influenced by Rising Penetration of Mobile Phones
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