Tanzania Mobile Money Market Report by Technology (USSD, Mobile Wallets, and Others), Business Model (Mobile Led Model, Bank Led Model), Transaction Type (Peer to Peer, Bill Payments, Airtime Top-ups, and Others) 2024-2032
The Tanzania mobile money market size reached US$ 70.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 211.7 Billion by 2032, exhibiting a growth rate (CAGR) of 12.5% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 70.9 Billion
Market Forecast in 2032
US$ 211.7 Billion
Market Growth Rate (2024-2032)
12.5%
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.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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.
Key Market Segmentation:
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 2024-2032. Our report has categorized the market based ontechnology, business model and transaction type.
Breakup by Technology:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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USSD
Mobile Wallets
Others
Currently, USSD holds majority of the market share in the Tanzania mobile money market.
Breakup by Business Model:
Mobile Led Model
Bank Led Model
Currently, mobile led model holds the largest share in the Tanzania mobile money market.
Breakup by Transaction Type:
Peer to Peer
Bill Payments
Airtime Top-ups
Others
Currently, peer to peer transaction type holds the highest share in the market.
Competitive Landscape:
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:
M-Pesa (Vodacom Tanzania Limited)
Tigo Tanzania (MIC Tanzania Public Limited Company)
Airtel Money Tanzania Limited
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
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
Report Price and Purchase Option
Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
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)
Key Questions Answered in This Report
The Tanzania mobile money market was valued at US$ 70.9 Billion in 2023.
We expect the Tanzania mobile money market to exhibit a CAGR of 12.5% during 2024-2032.
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.
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