M-Pawa to the (one million) M-people
Vodacom Tanzania’s mobile money service M-Pawa has passed the one million subscriber mark according to Mobile Money Africa. The service, launched in May 2014, allows users to open and operate a bank account via their mobile phone and save as little as TZS1 (USD0.00056), with savings earning daily interest recoverable at the end of every quarter.
Vodacom’s head of financial services, Jacques Voogt, is cited as saying: ‘…the financial sector in Tanzania has been revolutionised by mobile money services such as M-Pawa…we are proud to have played a key role in allowing many Tanzanians who did not yet have access to financial services to become active players in the country’s economy through this service.’
Source: Telegeography 3 December 2014