M-Pesa to expand to Tanzania

Nov 19, 2010

Individuals in African countries are set to benefit from a new fund from the Gates Foundation that will be used to improve access to finance for the poor.

Speaking at the Global Savings Forum in Seattle, Washington, Melinda Gates said six new projects around the world will receive $40 million in grants, with a plan to expand the M-Pesa mobile banking service into Tanzania one initiative to receive funding. It will be promoted by Vodacom and Managing Director of the firm Dietlof Mare was recently quoted by the Daily News as saying the cash will help "increase the awareness" among the population.

M-Pesa is already in use in Kenya and Mrs Gates praised the system, stating it is "showing what storing and transferring money on mobile phones can do for poor people - not only in theory and pilot projects, but at an enormous scale". She added that nearly 13 million people - or almost 60 per cent of the adult population - now use the platform in Kenya.