728 x 90

Surging Mobile Money Subscriptions Cross 51.7M Mark, a Digital Financial Revolution

Surging Mobile Money Subscriptions Cross 51.7M Mark, a Digital Financial Revolution

The latest report from the Tanzania Communications Regulatory Authority (TCRA) shows that mobile money service subscriptions in Tanzania have increased by 4.1 million in just three months, reaching a total of 51.7 million accounts. This growth is a clear indication of the country’s commitment to financial inclusiveness and the role that mobile money plays in achieving this goal.

According to the TCRA report, M-Pesa holds the largest market share of mobile money accounts at 37%, followed by Tigo Pesa at 30%, Airtel Money at 22%, Halopesa at 8%, and T-Pesa at 3%. These numbers demonstrate the popularity and widespread adoption of mobile money services in Tanzania.

The report also highlights the significant achievement of increased 3G and 4G services population coverage, which sets the stage for future growth in the sector and the digital economy. This progress is crucial in a world where digital services and connectivity are becoming increasingly important.

Furthermore, the TCRA’s director general, Dr. Jabiri Bakari, emphasizes the importance of educating the public and promoting online safety. As part of the global Cybersecurity Awareness Month, the TCRA is running the “Futa Delete Kabisa” (Delete completely) public awareness campaign, urging users to refrain from spreading unverified and obscene content online. Dr. Bakari advises users to delete such content immediately, as spreading it can lead to problems and emphasizes the need to report fraudulent messages or calls to the regulatory body.

In the first quarter of the 2023/2024 financial year, the communications sector in Tanzania continues to grow in terms of quantity, quality, technology advancement, and improved regulatory frameworks. This growth is largely driven by the ever-evolving landscape of Information and Communication Technology (ICT), which has been a driving force behind the country’s economic growth.

With advancements in ICT, increased internet penetration, and the rise of mobile devices, the communication sector now plays a crucial role in Tanzania’s economy, contributing approximately 1.5% to the national GDP. The TCRA, established 20 years ago, regularly publishes quarterly reports to keep stakeholders informed about the rapid advancements and improvements in the communications sector.

Overall, the increase in mobile money service subscriptions in Tanzania is a positive sign of the country’s commitment to financial inclusiveness. The growth in the sector, along with improved connectivity and regulatory frameworks, sets the stage for further advancements in the digital economy.

Avatar of Web Desk
Web Desk