Vodacom Tanzania said its mobile money service M-Pesa has crossed 4.4 million users, accounting for 48% of the total Vodacom customers.
M-Pesa is a mobile-phone based money transfer and microfinancing service for Safaricom and vodacom, the largest mobile network operator in Kenya and Tanzania.Currently the most developed mobile payment system in the developing world, M-Pesa allows users with a national ID card or passport to deposit, withdraw, and transfer money easily with a mobile device.
CEO Rene Meza said “about TZS 35 billion is transacted daily through M-Pesa and attributed this to the fact that the service is safe and reliable and is available throughout the country.”
The service was launched four years ago. Efforts to drive access to the product have grown steadily, and Vodacom has managed to build an agent network of over 35,000 outlets. Similar services from Vodacom are set to be rolled out in the DRC, Mozambique and Lesotho in the next nine months.
Mobile money services are seen as a key ingredient to furthering economic growth in Tanzania and the Vodacom report is a positive sign that users are employing their mobile phone devices for that purpose.
Tanzania has reported massive economic growth in recent years, making it one of the most vibrant economies in Africa.