DAR ES SALAAM, Sept. 2 -- THE digital lending sector is witnessing a remarkable surge, with mobile-based loans increasing by 80 per cent as more consumers embrace the convenience of accessing credit through their phones.

The growth reflects a shift in borrowing habits, driven by speed, ease of use and wider mobile penetration across urban and rural areas.

According to the Bank of Tanzania (BoT) Annual Financial Inclusion Report 2024, digital loans surged by 79.9 per cent to 226.7bn/- last year, fuelled by the convenience of mobile money wallets.

“The rise of digital lending is boosting economic growth by expanding access to credit, enabling entrepreneurship and increasing financial participation across diverse sectors,” sai...