The advent of mobile devices has greatly improved financial inclusion in Tanzania, according to the country’s apex bank, the Bank of Tanzania
It said agent banking and mobile phone transaction are picking up while pushing up as demonstrated by increase the volume and value of transactions. Likewise, agency and mobile money have assisted financial sector penetration in the country to overtake its goal of reaching 50 per cent two years ahead of the deadline in 2016.
At the end of last year it posted a 55 per cent. The business, a new phenomenal in the country, defies all odds in the market to contracted 2,013 active agents who are facilitating 881, 327 deposits until the end of this April.
“The sector also continued to be stable and sound as depicted by financial soundness indicators,” BoT says in June Monetary Policy Statement issued recently.
