The number of active mobile money accounts in Tanzania has reportedly more than doubled in the last five years up to the end of 2023, according to the latest figures from the Tanzania Communications Regulatory Authority (TCRA).
According to a report from Ecofin Agency, TCRA said Tanzania had 55.8 million mobile money accounts last year, compared to 25.8 million in 2019 – which works out to 116.2% growth for that time period. That also means a little over 80% of the Tanzanian population now has a mobile money account.
By comparison, the report said, only 23.3% of Tanzanians had an account with a financial institution at the beginning of 2024, according to Statista.
Meanwhile, the number of mobile financial transactions increased 76.6% from 3 billion in 2019 to 5.3 billion in 2023, the report said.
TCRA said the growth in mobile money accounts is related to the growth in mobile subscriptions, since an active SIM card is required to open an account. TCRA said mobile subscriptions grew from 43.7 million in 2018 to 76.6 million last year – over 110% market penetration.
Tanzania’s three main mobile money providers are Vodacom’s M-Pesa, Tigo Pesa and Airtel Money, which together control 89% of the mobile money market, the report said.
