Tanzania’s real-time digital funds larger than doubled in price in 2024, with the nation’s nationwide change processing TSh29.9 trillion ($11.6 billion) in transactions by December, up from TSh12.5 trillion ($4.9 billion) throughout the earlier 12 months, consistent with the Monetary establishment of Tanzania’s (BoT) latest financial stability report.
The Tanzania Instantaneous Value System (TIPS), launched in 2020, permits purchasers to maneuver money instantly all through banks, cell money wallets, and completely different licenced financial institutions, a significant step in tackling fragmentation in Tanzania’s funds. In 2024, the system handled 454 million transactions, virtually twice the 236 million recorded in 2023, after collaborating institutions rose to 46.
“The system has emerged as a key pillar in Tanzania’s digital financial infrastructure, facilitating instantaneous funds and promoting financial inclusion, considerably amongst underserved communities,” BoT acknowledged throughout the report.
In distinction to Kenya’s market-led model, the place Safaricom’s M-Pesa dominates the cell money market, Tanzania has opted for a further centralised methodology, placing interoperability on the core of its digital funds approach. TIPS is a centralised clearing system backed by the central monetary establishment.
Nonetheless, Kenya’s cell money ecosystem stays far greater by comparability. In 2024, cell money transactions in Kenya hit KES 8.7 trillion ($67.3 billion), equal to larger than half of the nation’s GDP.
Tanzania has moreover enhanced its Financial Corporations Registry (FSR) with geospatial mapping devices to hint the attain of financial firms to close persistent entry gaps in rural areas.
Primarily based on BoT, as of December 2024, the nation had over 52,000 financial entry elements—along with cell money brokers, monetary establishment branches, and ATMs—nevertheless safety stays uneven.
In some rural districts, entry elements keep below the nationwide widespread of 4.8 per 10,000 adults, compared with metropolis areas like Dar es Salaam, the place the ratio exceeds 15 per 10,000. The regulator is betting on the GIS-enabled registry to visualise these disparities and aim underserved areas for funding and enlargement.
In distinction, Kenya—the place cell money penetration is significantly larger—recorded over 320,000 cell money brokers nationwide in 2024, with a median of 11 entry elements per 10,000 adults, consistent with data from the Central Monetary establishment of Kenya.
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