In less than eight years, there has been extraordinary progress in bringing the majority of Tanzanians into the mobile money revolution, mostly by adopting an efficient, low-cost mobile money transfer system. Doing more to support the much larger, formal financial system is now critical for the growth of the country's business sector and its ability to mobilize savings and gain access to affordable credit, according to a new
“The mobile money revolution has made a tremendous impact on the lives of millions of people who can now send and receive money and thus save at low cost,” says
“Financial development can make an important contribution to
The Tanzania Economic Update (TEU) is issued twice a year by the
The 9th TEU shows the Tanzanian economy has continued to record relatively strong performance, with low inflation and growth above its regional peers. Real GDP growth for 2016 is estimated near 7%. The short- to medium-term macroeconomic outlook remains stable, though emerging risks need to be carefully managed, including budget implementation and private sector development. To maintain and increase the momentum, Government will need to focus on three key growth enablers: continued macroeconomic stability; the effective implementation of public investments; and supportive policies to promote private sector investment and growth.
Financial Inclusion is an area of significant success, and the mobile money revolution has played a major role in it. From less than 200,000 subscribers in 2008, the total number of registered mobile money user accounts grew rapidly to 53.3 million by the end of