Tanzania Ahead of Kenya in Use of Mobile Money

Money Transfer

Tanzania is ahead of Kenya when it comes to mobile money use, despite the fact that Kenyans have been using mobile money solutions for 7 years.

Tanzania was ranked ahead of Kenya in terms of mobile money systems as 44% of adults in Tanzania used some form of mobile money in 2013--ahead of Kenya's 38%. M-Pesa is now just one of 242 mobile-enabled e-money providers operating in 89 countries, boasting 203 million mobile money accounts between them, according to the GSM Association. The GSMA is a trade association of mobile carriers. The GSMA states that about 61 million accounts were active in the 90 days to June 2013 when the study was done.

Last December alone, Tanzanians conducted 99.9 million transactions worth a combined total of Tshs 3.1 trillion ($1.8 billion), not a simple feat considering that only 14% of Tanzanian adults use banks, less than half the rate in Kenya, and on a par with Zambia towards the bottom of the table.

The GSMA further notes that mobile-money accounts now outnumber bank accounts in nine African countries, namely Cameroon, DRC, Kenya, Madagascar, Tanzania, Uganda, Zambia and Zimbabwe.