Dar es Salaam, March 28 -- TANZANIA: REMITTANCE inflows through banks and Money Transfer Operators (MTOs) surged by 34.6 per cent to 1.89tri/- last year, driven by policy measures that streamlined the process for the diaspora to send money through formal channels.

According to the 2024 Annual Report on National Payment Systems by the Bank of Tanzania (BoT), the volume of remittances grew by 40.5 per cent, reaching 1.3 million transactions.

“The increase in remittances is partly due to policy measures that reduce transaction costs, enhance inclusivity and make it easier for the diaspora to send money through formal channels,” the Bank report stated.

Similarly, the volume and value of outward remittance increased by 16.33 per...