World bank: Tanzania leads the world in mobile financial services

[msemakweli]

Tanzania has emerged the leading country in the world in mobile financial services, the World Bank has said in its World Development Report.

According to the WB, Tanzania is leading the world in providing low interest loans through mobile phones as well as being one of the biggest markets in the world for providing mobile money services.

The report also recognised the government efforts in putting in place high level standards of Information Communication Technology (ICT) systems compared to other countries in the world.

Kenya is also recognised as the leading country in sending money through its mobile money system, M-Pesa, an area that has in the last few years been dominated by rich countries in the world.

"This is a very good example from Africa, which can be emulated by all countries in the world," the bank's Chief Economist, Profesor Kaushik Basu, said when presenting a summary of the report recently.

Prof Basu made the presentation on Monday at the Heads of State meeting at the United Nations (UN) Headquarters in New York, United States. The meeting focused on the Digital Age, which is part of the Millennium Development Goals (MDGs) whose deadline is this year.

 

[iArmaniAdamson]

Tanzania has emerged the leading country in the world in mobile financial services, the World Bank has said in its World Development Report.

"This is a very good example from Africa, which can be emulated by all countries in the world," the bank's Chief Economist, Profesor Kaushik Basu, said when presenting a summary of the report recently.

our financial systems are not robust enough to allow this business to strive, government need to do more to introduce postal or zip code systems. Most middle and low income tanzanians need access to loans to make difference in their lives. For this to be possible, Private lenders find these two groups way too risky to reach.

I met an MP from Kigoma who was visiting Germany few years for the purpose of introducing postal code system. If the gov can speed up this implementation it will radically improve the current situation and even open way for other services to be improved.

 

[moto ya mbongo]

This is true the banks are facing the bigger challenges due to V-Money,M-Pesa, Tigo pesa, Airtel money,etc. many people especially middle income earners and low income even big shots like mobile financial services. They are fast, reliable and cheap. Its high time the banks should be more creative enough to compete with the rising mobile financial services operators.

 

[iArmaniAdamson]

This is true the banks are facing the bigger challenges due to V-Money,M-Pesa, Tigo pesa, Airtel money,etc. many people especially middle income earners and low income even big shots like mobile financial services. They are fast, reliable and cheap. Its high time the banks should be more creative enough to compete with the rising mobile financial services operators.

as a private lender/venture capitalist, I want to 'purposely' serve my customer, the mobile lender aren't giving enough capital to people to make a difference in their lives, I think the type of capital can only be provided by the banks like mine when there is a capable system to do so.

As it stands its only the few at the top of organisations who are worth to be credit scored and receive reasonable amounts.

I urge the gov to do their parts to ensure the low income who are the majority of people in need of big capital.