The latest report by IMARC Group, titled “Tanzania Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Tanzania mobile money market size reached US$ 45.5 Billion in 2018. Mobile money refers to a service in which the users can pay bills, transfer funds between banks or accounts and deposit or withdraw funds via mobile phones. These services have emerged as a powerful tool for strengthening financial access in developing markets. Tanzania has experienced robust growth in the use of mobile money since the service was first introduced in the country in 2008. Over the years, it has evolved beyond the simple transfer of money, allowing people to save, insure and borrow money. At present, a significant percentage of Tanzanians have registered mobile money accounts and the country represents one of the leading mobile money markets in the world.
Tanzania Mobile Money Market Trends:
Mobile money enables consumers to execute financial transactions in a relatively inexpensive and reliable manner. This has helped in increasing the money liquidity and mitigating crime-related risk in Tanzania. Moreover, mobile money companies are improving the quality of agent networks, which in turn is enhancing customer experience and encouraging greater use of their services. Along with this, the partnership between mobile money operators and international money transfer services like MoneyGram and Western Union has facilitated the users of different service platforms to transact directly with each other. For instance, Vodacom Tanzania has entered into a partnership with Safaricom in Kenya, allowing operator-to-operator international money transfer interoperability. Looking forward, the market value is projected to reach US$ 216.4 Billion by 2024, growing at a CAGR of 28.7% during the forecast period (2019-2024).
- Based on the technology, the market has been segmented into unstructured supplementary service data (USSD), mobile wallets and others. USSD currently represents the most popular technology used for making mobile money transactions.
- On the basis of the business model, the market has been segregated as mobile-led and bank-led models. At present, mobile-led models are the leading segment, accounting for the majority of the market share.
- The market has been categorized based on the transaction type into peer to peer, bill payments, airtime top-ups and others. Presently, mobile money is majorly used to make peer to peer transactions.
- The competitive landscape of the market has also been analyzed in the report, 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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