In its 2018 mobile money market report, Tanzania Telecommunications Regulatory Authority said EzyPesa has increased its market share from less than a percent to 2 percent in June 2017 while T-Pesa recorded a market share of 0.47 percent from zero and Halo Pesa increased its stake from a percent to 4 percent during the same period.
The TCRA report stated that overall, mobile money accounts increase to 20.8 million from 20.2 million during the corresponding period in 2017.
The market regulator further said M-Pesa remains the market leader with 41 percent market share followed by Tigo Pesa with 33 percent and Airtel Money occupying third position with 20 percent market share.
“M-Pesa accounts topped 8.6 million in June 2018 from 7.7 million accounts in June 2017,” the TCRA report noted.
Tigo Pesa increased its number of accounts from 6.1 million to 6.9 million over the same period while Airtel Money had its subscribers reduced to 4.1 million from 5.9 million during the year.
According to World Bank’s ninth edition of the Tanzania Economic Update published last year, titled, ‘Money within reach: extending financial inclusion in Tanzania, the country has made extraordinary progress in bringing financial services to 62 percent of the population compared to 11 percent in 2006, thanks to mobile money services.
The World Bank reports said with such progress, Tanzania is a regional leader in the use of digital financial services and putting it on a solid footing to achieve Universal Financial Access by 2020.
One of the products which consumers get from mobile money platforms is credit although very subtle compared to informal credit sources. “The primary source of loans for 63 percent of Tanzanians remains informal networks, such as friends and family, while 17 percent of Tanzanians use mobile network loans, and only 7 percent of people have obtained credit from banks,” the World Bank report stated.
Earlier this year, the government launched the second phase of financial inclusion framework targeting to reach 80 percent of the adult population by 2020, according to Bank of Tanzania.
A mobile money agent waiting for customers in Dar es Salaam. File photo.