Tanzanian traders favour mobile money wallets, according to new report

<span>Tanzanian traders favour mobile money wallets, according to new report</span>, <p>Mobile money wallets are rapidly gaining popularity as the preferred mode of payment for businesses and financial transactions in Tanzania, surpassing other electronic options and even cash.</p>, <p>A recent Standard Bank (Stanbic) study revealed that Tanzania stands apart from other African countries, where cash payments still dominate and mobile money adoption lags.</p>, <p>Stanbic's Trade Barometer report for Tanzania, analysing trade trends in 2022, highlights a noteworthy shift in the financial behaviour of traders, with a preference for mobile money over electronic bank transfers for sales payments. This shift reflects the rising popularity of mobile money, as electronic funds transfers (EFTs) lose favour for receiving payments from sales.</p>, <p>The findings from Stanbic's analysis align with the 2023 report from FinScope Tanzania, which indicates a significant increase in mobile money usage among adult Tanzanians. Since 2017, mobile money adoption has surged from 60% to an impressive 72%, contributing substantially to the expansion of financial inclusion in the country.</p>, <p>According to the FinScope report, formal financial inclusion has grown to 76% of the population, up from 65% in 2017. This increase can be attributed to the rise in mobile phone ownership, which has climbed from 63% to 75% during the same period.</p>, <p>Furthermore, access to commercial banking services has also grown, reaching 22% compared to 17% in 2017, mainly due to enhanced accessibility via mobile phones.</p>, <p>However, the report also highlights some disparities. While mobile phone ownership has increased, access to a mobile phone declined from 93% to 86%, and the gender gap persists, with 80% of men having access to mobile phones, compared to 71% of women. Additionally, around 19% of Tanzanians still remain financially excluded, a decrease from 28% in 2017.</p>, <p>Stanbic Bank's data further indicates that mobile money is the prefer