Tanzania achieves full mobile money interoperability
This is the first country in the world to do so.Tanzania has become the first country in the world to achieve full mobile money interoperability, allowing mobile phone subscribers to send and receive money to or from any account based within the country's mobile operators.
Bank of Tanzania governor Benno Ndulu told Tanzania Daily News that mobile phone active accounts represent 21.9 million out of the 62.8 million accounts registered across the five major financial services providers.
"We are seeing increased number of transactions, with reduced costs as a result of sharing infrastructure in the industry," he said.
Around 76 per cent of the population had access to financial services in 2013, according to the Finscope survey. The central bank chief is confident that the country will reach its financial inclusion target of 80 per cent by 2017.
Meanwhile, in Madagascar, the three telecom operators providing mobile financial services have just signed a similar interoperability agreement.