Following the contribution of the mobile financial services in
expanding access to financial services in the country, the central bank has
drafted mobile payment regulations to stabilize and enhance security in the sub-sector.
According to the Bank of Tanzania’s monetary policy statement in
February, the Bank had drafted Mobile Payments Regulations, which will
facilitate the licensing and regulation of the sector, with the aim of ensuring
soundness, stability and addressing consumer protection issues.
Since the introduction of the mobile financial services in 2007 in the
country there was no particular law to guide and regulate the system of
transaction despite its tremendous growth and dynamism.
Absence of the regulations
poses possible illicit activities such as money laundering and terrorism
financing that might engulf the mushrooming mobile phone-based transactions.
Mobile banking is seen as a compliment to commercial banks by
broadening access to financial services in rural areas as well as increasing
more money to the formal banking.
Basing on the BoT report, total number of registered customers in the
mobile financial services reached 19.4 as at end of November 2011 compared to
14,327 customers registered at the end of June 2008.
Total value of
transactions have increased from 1.42m/- in 2007 to 1.62 trn/- in
2011, with volume increasing from 39,528 to 38,128,821, respectively.
The balance held in the trust accounts to facilitate transactions has
also increased from 3.04bn/- in June 2009 to 97.6bn/- at end of
2011.
“It is worth noting that mobile financial services have contributed
significantly towards broadening access to financial services in Tanzania given
the high level of mobile phone usage,” reads the report in part.
The mobile financial services began in 2007 when E Fulusi (T) Ltd
pioneered the industry and it picked pace in 2008 when M Pesa started.
Currently, there are four service providers namely Vodacom (M-Pesa), Airtel
(Airtel Money), Tigo (Tigo Pesa), and Zantel (Ezy-Pesa).
Source: The Citizen,www.thecitizen.co.tz, reported by Alawi Masare
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