New mobile banking service launched in Tanzania

Apr 02, 2013

Exim Bank has launched this week a new mobile banking service in Tanzania that will enable its customers to access their accounts via mobile phone, make instant money transfers and pay their utility or credit card bills.

"Internet and mobile banking services are the primary gateways for information and support for our customers," Exim Bank Tanzania's managing director Anthony Grant said in a statement.

Mobile phone money transfers are becoming increasingly popular in Tanzania, reaching the poor and residents of rural areas, who struggle to access bank branches.

The Bank of Tanzania (BoT) revealed last December that money transactions worth $654 million (€510 million) have been made in the last two years via mobile payments and money transfer services, Communications Africa reports.

The potential for growth is important, as mobile coverage is widely available and 45 per cent of the Tanzanian population owns a mobile phone.ADNFCR-2976-ID-801565527-ADNFCR