The Tanzania mobile money market size reached USD 80.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 221.0 Billion by 2033, exhibiting a growth rate (CAGR) of 12% during 2025-2033.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024
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USD 80.0 Billion |
Market Forecast in 2033
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USD 221.0 Billion |
Market Growth Rate (2025-2033) | 12% |
Mobile money is a payment method that allows people to receive, store and spend money using a mobile phone. It is sometimes referred as a 'mobile wallet' or by the name of a specific service platform such as M-Pesa, GCash, EcoCash, Tigo Pesa, etc. The easy and safe electronic payments make mobile money a popular alternative to bank’s brick-and-mortar approaches.
Tanzania is the largest mobile money market in Africa. It has become the first country in Africa to introduce interoperability between rival mobile money services. The market has been driven by the ubiquity of mobile phones among people from all socio-economic backgrounds with extensive coverage of mobile networks and penetration of internet. According to industry reports, 64% of adults in Tanzania use mobile phones for financial transactions. Various financial services, such as microloans, mobile insurance, hospitalization covers via mobile money and the credit services offered by mobile operators, have increased the number of mobile money accounts in the region. Mobile money has also been evolved beyond simple money transfer and allows people to save, insure and borrow money as well. Moreover, banks in the country are transforming their physical footprints and customer experience which has further helped them to promote a broader awareness of various financial services.
IMARC Group provides an analysis of the key trends in each sub-segment of the Tanzania mobile money market report, along with forecasts for the period 2025-2033. Our report has categorized the market based on technology, business model and transaction type.
Breakup by Technology:
Currently, USSD holds majority of the market share in the Tanzania mobile money market.
Breakup by Business Model:
Currently, mobile led model holds the largest share in the Tanzania mobile money market.
Breakup by Transaction Type:
Currently, peer to peer transaction type holds the highest share in the market.
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Segment Coverage | Technology, Business Model, Transaction Type |
Companies Covered | M-Pesa (Vodacom Tanzania Limited), Tigo Tanzania (MIC Tanzania Public Limited Company), and Airtel Money Tanzania Limited |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The Tanzania mobile money market was valued at USD 80.0 Billion in 2024.
We expect the Tanzania mobile money market to exhibit a CAGR of 12% during 2025-2033.
The rising inclination of banking institutions towards numerous advanced financial services, along with the increasing penetration of smartphones, is primarily driving the Tanzania mobile money market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of mobile money over conventional cash-based methods across the nation to administer the financial transactions with minimal human interaction to mitigate the risk of the coronavirus infection.
Based on the technology, the Tanzania mobile money market can be segmented into USSD, mobile wallets, and others. Currently, USSD technology holds the majority of the total market share.
Based on the business model, the Tanzania mobile money market has been divided into mobile led model and bank led model, where mobile led model currently exhibits a clear dominance in the market.
Based on the transaction type, the Tanzania mobile money market can be categorized into peer to peer, bill payments, airtime top-ups, and others. Among these, peer to peer transaction type accounts for the largest market share.
Some of the major players in the Tanzania mobile money market include M-Pesa (Vodacom Tanzania Limited), Tigo Tanzania (MIC Tanzania Public Limited Company), Airtel Money Tanzania Limited, etc.