Tanzania mobile money subscribers hit 44.3 million

Dar es Salaam. Mobile Money Subscriptions in Tanzania has hit 44.35 million subscribers by the end of March 2023 the Tanzania Communications Regulatory Authority (TCRA) revealed in a latest report.

This is indicative of a growth in financial inclusion, as more people are using mobile money services to send, receive, and store money.

 The numbers by TCRA show that the amount of subscribers recorded during the three quarters of the 2022/2023 fiscal year from July 2022 to March 2023, is higher than the total subscribers recorded in both 2020, 2021, and 2022.

According to the new statistics in 2020, there were 32.26 million subscribers, which went up to a record 35.28 million subscribers in 2021 and then 40.95 million subscribers in 2022.

“Number of subscriptions have also been increasing at the average rate of 13 percent per year,” TCRA said in part.

Vodacom continues to hold the largest share of the mobile money market share at 36 percent of mobile money accounts in the market, followed by Tigo with 31 percent, Airtel with 21 percent, Halotel with 9 percent, and TTCL with a market share holds a market share of 3 percent.

In terms of transactions, the data shows that the number of transactions has been increasing for the past three years from 3.4 billion in 2020 to 4.2 billion in 2022.

Though the current value of transactions has yet to be revealed by TCRA, previous data has shown that by December 2022 the annual value of mobile money transactions stood at Sh13.89 trillion.