Mobile money surge drives growth in digital economy
DAR ES SALAAM: MOBILE money transactions in Tanzania experienced robust growth, with significant increases in both the number of transactions and mobile money accounts, signalling a deeper financial inclusion and a rapidly expanding digital economy.
According to a recent report by the Tanzania Communications Regulatory Authority (TCRA), mobile money transactions grew by 25.2 per cent during the quarter ending December 2024.
The report highlights that mobile money transactions reached 1.1tri/- in December 2024, up from 879.4bn/- recorded in September 2024.
The report shows a 3.9 per cent increase in mobile money accounts for the same period. The number of active mobile money accounts, those used at least once in the past three months, rose from 60.8 million in September 2024 to 63.2 million in December 2024.
M-Pesa continues to lead the market with 24 million subscribers, followed by Mixx by Yas with 19 million subscribers and Airtel Money with 11 million.
HaloPesa ranks fourth with 5 million users, while T-Pesa has 1.5 million users. Azam Pesa rounds out the list with 32,418 subscribers.
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The report also provides a breakdown of mobile money transactions and account registrations for each quarter in 2024.
The December and March quarters saw the highest number of transactions, with December recording 1.1tri/- and March reaching 1.3tri/-.
In contrast, the June quarter had 873bn/- in transactions, while the September quarter recorded 879bn/-. The highest number of mobile money accounts was registered in December, with 61.8m/- accounts, followed by 60.8m/- in September, 55.7m/- in June, and 52.9m/- in March.
This surge in mobile money usage reflects the growing success of Tanzania’s digital economy, which increasingly relies on information and communication technology to drive both economic and social activities.
It also supports the implementation of Tanzania’s tenyear Digital Economy Strategic Framework, which runs from 2024 to 2034.
The framework prioritises digital financial services, alongside digital infrastructure, inclusion, governance, literacy, skills development and fostering a culture of digital innovation.
