The value of mobile payment transactions rose by 212.9 per cent to Tsh17.4 trillion ($11.1 billion) for year ended December 2012 from Tsh5.56 trillion ($3.5 billion) for the year ended December 2011.
As at the end of June this year, the value of mobile payment transactions stood at Tsh12.38 trillion ($7.73 billion) which is 71 per cent of what was transacted in the twelve months of last year, an indication that full year values transacted could hit a new high.
Vodacom, Airtel, MIC, Zantel registered 26.8 per cent more mobile money customers during 2012 to 26.9 million from 21.2million and as at the end of June this year, the number of mobile money registered customers had risen by a further 8.39 per cent to 29.1 million.
These payments may continue to grow with only 29-31% of active mobile users actually using them.
Banks try to catch up
The same level of growth has been seen within internet banking with growth 47.4 per cent to Tsh17.75 billion ($11.08 million) as at the end of December 2012. The growth has been attributed the doubling of the number of banks offering these services. An increasing number of banks have began offering mobile banking services through short message service (SMS), among these are NMB, CRDB Bank, Tanzania Postal Bank, DCB Commercial Bank, Barclays, Standard Chartered, Akiba Commercial Bank, Exim Bank and Amana Bank.
The value from internet banking and SMS mobile banking provided by banks is still dwarfed by mobile payments, and for the foreseable future, mobile payments will be the main choice of access to financial services.