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Mobile money services interoperability grows 31pc

THE utilisation of interoperability capability in mobile money services grew by 31.4 per cent to 4.13tri/- during July to December last year and contributed to the growth of mobile money transactions by 6.9 per cent in value.

The Central Bank’s Monetary Policy Statement for MidYear 2020/21, the number of active registered accounts for mobile money was 29.4 million at the end of December last year compared with 24.4 million and 27.2 million at the end of December 2019 and June 2020, respectively.

The interoperability in mobile money services in the period ending June last year reached 177.0 million transactions worth 5.20tri/- that represented 20.8 per cent increase in volume and 6.6 per cent in value compared to the corresponding period of 2018/19.

Payments, clearing and settlement systems continued to operate efficiently and utilisation of digital payment platforms improved.

Since July 2018, all Government payments are made through Treasury Single Account and processed through Tanzania Automated Clearing House (TACH) and Tanzania Interbank Settlement System, which is for transactions above 20m/-.

The East Africa Payment System operated smoothly and transactions increased, reflecting increase in trade between Tanzania and other EAC countries. Transactions between Tanzania and Kenya amounted to KES 2.57 billion, an increase of 23.0 per cent.

Transactions between Tanzania and Uganda recorded UGX 10.0 billion, an increase of 138.0 per cent compared with corresponding period of 2019. In SADC region, transactions processed through SADCRTGS during July to December 2020 were valued at ZAR 639.3 billion.

The value of Tanzania transactions processed through SADC-RTGS platform stood at ZAR 2.7 billion, indicating an increase of 317.7 per cent, largely on account of dividend payment made by Vodacom Tanzania Plc to Vodacom Group in South Africa.

In Tanzania, six banks participated in the SADC-RTGS. The Bank of Tanzania expects to foster cross border transactions through electronic money remittance systems. Electronic Fund Transfers (EFT) through TACH continued to run smoothly, with growing number of transactions, following increased use of the system by the government in making payments of salaries to civil servants.

The value increased by 9.8 per cent in comparison to the corresponding period of 2019. The increased use of EFT by the Government has improved efficiency, while minimising costs associated with the use of cheques.

The effect was also reflected in the decline in usage of Tanzanian shilling denominated cheques in TACH, both in terms of volume and value by 24.2 per cent and 19.8 per cent, respectively

TANZANIA Mortgage Refinance Company (TMRC) has issued ...

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Author: DAILYNEWS REPORTER

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