Tanzania becomes 1st globally achieving full mobile money interoperability

TANZANIA becomes the first country globally to achieve wallet to wallet interoperability in the digital financial services.

The interoperability means mobile phone subscribers transfer money across multiple networks thus enabling the country becoming first in the area. Bank of Tanzania Governor Prof Benno Ndulu said today that mobile phone active account represents 21.9million out of 62.8million accounts registered by five major tele-financial service providers.

"We are seeing increased number of transaction since then with reduced costs as a result of sharing infrastructure in the industry," Prof Ndulu told financial inclusion meeting in Dar es Salaam. He said nearly 50 per cent of digital financial services registered accounts are active.

The central bank chief is optimistic that after FinScope survey slated for later this year, the country will update financial inclusion target of 80 per cent come 2017.

BoT targets of achieving usage of formal financial services under the National Financial Inclusion Framework (NFIF 2014/17) of having 80 per cent of adult population using a financial access point.