Mobile banking conference held in Tanzania
A conference is being held in Zanzibar to discuss mobile banking in Africa and how it can promote financial inclusion.Hosted by the Bank of Tanzania, the Central Bank of Kenya and the Alliance for Financial Inclusion, it is the largest-ever meeting of its kind.
Use of mobile banking has increased significantly in Tanzania over the past three years with Vodacom, Airtel, Tigo and Zantel offering services, Tanzania Daily News reports.
This has enabled those living in both rural and urban areas to access financial services they would ordinarily be unable to utilise.
Furthermore, Africa has the second fastest growing mobile phone market in the world with over 350 million subscriptions and this should help some of the 75 per cent of unbanked households to access formal finance.
Many of the participants taking part in the conference are governors of African central banks, executives from local financial institutions and international organisations, as well as mobile network operators.
It is the first event of its kind since the introduction of the Maya Declaration in September 2011, which aims to promote financial inclusion for the 2.5 million unbanked individuals around the world.