United Republic of Tanzania

Tanzania’s internet penetration rate is 25% as of 2022, with mobile phone connections equivalent to 86.2% of the population. 

52% of adults in Tanzania had bank accounts in 2021, leaving 48% unbanked.

Access strand to financial services in Tanzania has improved from 11.2% of the adult population accessing formal financial services in 2006 (before mobile money service emerged) to about 17% after the evolution of mobile money service in 2009 – about 65% of the adult population in Tanzania is now formally financially included. The increase in financial inclusion has been attributed to non-traditional players in the delivery of financial services in Tanzania—the mobile network operators (MNOs) who have revolutionized the landscape of financial services delivery in the country by reaching the majority which was originally left aside and financially excluded in the country. Now, the proportion of the rural adult population living within 5 km of a financial service access point has now reached over 78%, and the increased adoption of mobile phones within households which is now at 83% countrywide, allows people to access mobile financial services more conveniently. These are the main reasons why Tanzania is one of the countries best positioned for Open Banking adoption, which could further improve financial inclusion within the country.

The start of 2022 saw the rollout of its new payments system, the Tanzania Instant Payment System (TIPS) will operate in such a way that users of all digital payment systems, including mobile money operators, will be registered under a single platform allowing anyone wishing to send money requiring to search the name of the registered recipient in the system, which will be available through both USSD Code and an application, avoiding various steps and charges from different operators.

Tanzania ranked 111th out of 134 countries in Wiley’s Digital Skills Global Index 2021.