Dar es Salaam, April 1 -- TANZANIA: MOBILE money has steadily bridged the infrastructure gap, providing consumers with easier access to financial services and overcoming the limitations of traditional banking systems.

According to the Bank of Tanzanias National Payment System Annual Report for 2024, traditional banks typically enforce strict Know Your Customer (KYC) requirements, minimum balance criteria and maintenance fees.

Banks also have limited presence in rural areas, restricting access for many individuals.

“Mobile money offers a streamlined KYC process and a widespread agent network, providing accessible financial services through multiple platforms, including affordable basic feature phones,” the Bank report stated...