By Guardian Reporter , The Guardian
THE government has made significant strides in improving mobile financial services, leading to an increase in the number of transactions and mobile money accounts over the last three years.
Recent statistics show a substantial increase in mobile money accounts over the last three years, from 35,285,767 in 2021 to 52,990,091 in March 2024.
This growth in mobile money accounts is accompanied by an increase in the number of transactions, which rose from 3,752,084,894 in 2021 to 5,273,086,154 in 2023. This increase demonstrates how citizens are increasingly embracing and using mobile financial technology for their daily activities.
Mobile financial services, which originated in East African countries, particularly Tanzania and Kenya, have become a significant source of employment, especially for agents facilitating these services. Many banks have leveraged these agents to bring banking services closer to their customers, improving accessibility and convenience. "These services have enabled many people, especially those in rural areas, to access financial services easily and quickly," commented Lawrence Mwantimwa, a resident of Dar es Salaam.
In addition to efficiency, mobile financial services have significantly reduced operating costs for institutions. The government, through the Government e-Payment Gateway (GePG), has been able to lower these costs and increase transparency and accountability in financial activities.
The Tanzania Communications Regulatory Authority (TCRA) is responsible for regulating and licensing mobile service providers, including issuing communication special numbers and short codes to facilitate these transactions.
The Bank of Tanzania (BoT) on the other hand supervises the financial sector and licenses, online financial service providers, ensuring that this sector is well-regulated and controlled.
“Mobile financial services have significantly broadened the economic horizons for many in Tanzania," says Conwell Naweya, a resident of Lilongwe, Malawi, who frequently travels to Dar es Salaam for shopping excursions at Kariakoo Market. "Each time I visit, I am impressed by the seamless mobile money services available here," he adds.
Naweya expresses a fervent hope that Malawi will soon offer similar high-calibre services, mirroring the standards found in Tanzania and Kenya. In Tanzania, the implementation of biometric SIM card registration has greatly enhanced security and bolstered user trust in electronic transactions.
This system of unique digital identities has not only fortified security but also bolstered user confidence, enabling Tanzanians to engage with these services more freely and with increased reliability.
President Samia Suluhu Hassan's government has shown great effort in ensuring that its citizens receive quality financial services, which has significantly contributed to the country's economic improvement. These achievements are the result of the government's solid policies and strategies, focused on leveraging technology to enhance citizens' lives and promote sustainable development.
Moreover, this increase in mobile financial service users has come at a time when the government is implementing a plan to raise awareness of technology and its use in various sectors. This is part of the government's efforts to improve social and economic services using modern technology, which shows significant progress under the leadership of President Samia.
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