Mobile Money is big Money!

Tanzanians have in the last two years made transactions worth USD 654 million over mobile payment systems, according to figures from the Bank of Tanzania reported by East Africa Business Week. Monthly transactions have grown from 1.9 million in 2010 to 48 million in September this year, and over the same period, the value of monthly transactions increased from TZS 1.8 billion to TZS 1.7 trillion, the bank's Governor Benno Ndulu said at the opening of a conference of financial institutions in Arushaa. Ndulu said millions of Tanzanians without bank accounts are able also use this service to make payments, send remittances and store funds for short periods conveniently and at low cost. He pointed out that the services have helped financial institutions reduce the risks of carrying cash, generate cost savings on travel expenses and ended physical limitations in effecting payments of bills.[Telecompaper]