Recently, Tanzania has been marked on the path of rapid growth in terms of mobile money transaction system. It has also being highlighted as one of the biggest market for money transfer in the world. This implies that smart phones have changed the way of living and digitalization has had a great impact on daily life and the mode of carrying out business.
Tanzania has been ranked ahead of Uganda, Kenya, DRC, Rwanda, and Zambia amongst others as the number of registered users of mobile payment service increased by 30% hence reaching 84% and surpassing the Kenyan rate of 68% (Word Bank, 2015).
However, Mr. Andrea Guzzoni - Country Manager of JovagoTanzania, adds that regardless of the many businesses in Tanzania, there has been progress in mobile money transactions however there is much room for improvement in 2016. “There is a need to expand into business networking and create good partnerships with key stakeholders since we cannot get the positive results if other mobile money providers are so limited within their own service”
Mr Guzzoni adds that, “as part of developing countries, we have several constraints regarding the banking system. Mobile money transfer has been a major part of economic growth due its instant service, secure process and lower interest rates”
Nevertheless, the usage of fundamental technology on mobile money services has supported human development as we have seen in through M-pesa, Tigo-Pesa, Airtel-Money and Maxmalipo amongst others in Tanzania. “It is an era of internet penetration and the increase of Smartphone users; we need to take advantage of this for our business network”.