DAR ES SALAAM: The country’s digital economy is continuing to strengthen due to the increase in mobile money transactions, according to the Tanzania Communications Regulatory Authority (TCRA)
TCRA Director General Mr Jabir Bakari said that the growth is not only enhancing financial inclusion but also driving innovation and commerce across various sectors in the country.
“Mobile money usage has become a lifeline for communities, especially to both small and large-scale traders, as it has facilitated business services that increase their income,” Mr Bakari said at a workshop organised by the CEO Round Table of Tanzania (CEOrt).
The workshop, titled ‘Harnessing Data to Drive Transformative Growth,’ aims to provide a platform for business leaders, data scientists, and government stakeholders to explore the untapped potential of data analytics and its transformative power for enhancing business operations.
He said that the growth is attributed to the rise in mobile money transactions, as outlined in the latest TCRA report for the quarter ending September.
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The report revealed that mobile money transactions have grown significantly over the past five years, increasing from 3.0 billion transactions in 2019 to 5.3 billion transactions last year, marking a 19 per cent annual growth rate.
The report also indicated that mobile accounts increased by 9.15 per cent to 60.8 million in the quarter ending in September, compared to 55.7 million recorded in the previous period.
Also, the TCRA boss said that through these services, many social activities have become reliant on their efficiency, as they reduce the cycles of purchasing goods and sending money.
The CEOrt’s Executive Director, Ms Santina Benson, said at the workshop that these technologies are crucial in addressing the country’s economic, social, and developmental challenges.
CEOrt’s recent survey data showed that while 26.9 per cent of businesses have a well-established data analytics strategy, 13.5 per cent still rely on intuition rather than data-driven decision-making.
“These results highlight the need to bridge the gap in data analytics awareness and application across the country’s business landscape.
“We’re looking at how decisions can be made from a leadership perspective to drive inclusivity and identify opportunities within both our businesses and the community,” she said.
Regarding the workshop, the communication regulator boss said data analytics plays a significant role in business growth as it provides direct insights to companies about the precise service needs of their customers.
In a rapidly evolving digital landscape, data analytics has become a critical tool for driving business transformation and growth.
As the country moves toward becoming a digital economy, the recent draft of the amended national ICT policy has recognized the importance of emerging digital technologies like Artificial Intelligence, Machine Learning, Big Data Analytics, and more.
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