REPRESENTATIVES from eight countries in Africa met in Dar es Salaam on Tuesday in a workshop organized by Vodacom Tanzania to look into trends and developments shaping the mobile money industry in Africa.
At the workshop, the Dar es Salaam Stock Exchange (DSE), listed telecom company also released its future proofing mobile financial services report.
The report, the first of Vodacom’s Public Policy Series, demonstrates how mobile money is driving economic growth and empowering lives through financial inclusion.
Managing Executive, Legal and regulatory from Vodacom Group, Judith Obholzer, said that Sub-Saharan Africa including Tanzania has witnessed rapid growth in mobile money operations and innovations enabling broad based participation and access to financial services.
Sub-Saharan Africa is home to the 10 economies worldwide where more adults now have mobile money accounts than at a financial institution.
A game changer in this region, mobile money continues to drive economic growth and social benefit by providing access to financial services to the millions of people who have a mobile phone, but do not have or have only limited access to a bank account.
“Our aim is to provide a platform for leading experts to express their views on trends and developments shaping the industry. The industry continues to evolve at a rapid pace with policy makers and regulators playing a central role in facilitating and enabling environment for financial inclusion,” said Ms Obholzer.
Representative of the Bank of Tanzania (BoT) who is Assistant Manager, Oversight and Policy at the National Payment systems Department, Mr Albert Cesari underscored the important impact mobile financial services have made on the economy and the important role of the workshop in ensuring sustainability of the mobile financial service industry.
“The government is committed to ensure that mobile financial providers continue to be effective players in the future, and that they are able to provide the innovations and investments necessary in the technical and business dynamics in the financial payment market,” he said.
M-Pesa has been Africa's most successful mobile money service. Research illustrates that mobile money has significantly contributed to social empowerment, economic growth and poverty reduction.
It provides people with a safe, secure and affordable way to send and receive money, top-up airtime, make bill payments, receive salaries and get a short-term loan.