December 8, 2021Tanzania
Boom time for mobile app startups in Tanzania
Tanzania is fast realising the potential of fintech solutions for its unbanked population, and is putting in place drastic measures to make the playing field favourable for both domestic and foreign investors.
The accessibility of financial services rose from 45% to 86% nationally while hitting 78% for those living in rural areas. There has also been steady growth in active mobile wallets, reaching over 21m, which are held by 16.6m Tanzanian adults.
The mobile savings and loans market is also witnessing a boom, with customers now able to save and take micro-loans such as M-Pawa, which is a collaboration between CBA Bank with Vodacom, Timiza, a partnership between Airtel with Jumo and Tigo Nivushe, an initiative by Tigo and Jumo.
Companies such as Jumo have capitalised on the low internet rates to create what it calls a Masterpass Quick Response payment, a smart and cashless way to pay for goods and services online via an app.
