Money – In brief
- The popularity of mobile money services in the African nation of Tanzania exploded between 2010 and 2012, according to figures from the Bank of Tanzania published in East Africa Business Week. The bank reports that monthly transactions have increased from 1.9 million in 2010 to 48 million in September this year, in turn driving the total value of mobile transactions up to TZS1.7 trillion (USD668.3 million) from TZS1.8 billion. The banks’ governor Benno Ndulu told delegates at the opening of a financial institutions’ conference in Arusha that millions of Tanzanians without bank accounts are benefiting from mobile money services to make payments, send remittances and store funds for short periods conveniently and at low cost.
- MTN Zambia has recorded transactions involving K100-billion via the MTN mobile money service transfer this year.Company chief marketing officer Philip Besiimire said K100 billion has been transacted since the firm acquired its full operational license this year from the Bank of Zambia (BoZ). Besiimira said currently the company has about 400 mobile money agents across the country and that about 30 per cent of the clients transacted using the service on a monthly basis.