The number of active mobile money accounts in Tanzania has more than doubled in the past five years, reaching 55.8 million by the end of 2023, according to the latest statistics from the Tanzania Communications Regulatory Authority (TCRA). This marks a substantial increase of 116.2% from the 25.8 million accounts reported in 2019, meaning that over 80% of Tanzanians now have a mobile money account.
In comparison, only 23.3% of Tanzanians had an account with a traditional financial institution at the beginning of 2024, according to Statista.
The volume of mobile financial transactions has also risen dramatically, up 76.6% from 3 billion in 2019 to 5.3 billion in 2023.
TCRA links this growth in mobile money accounts to the rise in mobile subscriptions, as an active SIM card is required to open a mobile money account. Mobile subscriptions grew from 43.7 million in 2018 to 76.6 million last year, reflecting over 110% market penetration.
The mobile money market in Tanzania is dominated by three main providers: Vodacom’s M-Pesa, Tigo Pesa, and Airtel Money, which together hold 89% of the market share.
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