The largest mobile network operator in Tanzania, Vodacom, has disclosed that M-Pesa , it mobile money platform, has exceeded 4.4 million users, representing 48 percent of the company’s total customers in Africa.
M-Pesa, the most developed mobile payment system in the world, allows users with a national ID card or passport to deposit, withdraw, and transfer money easily through a mobile device.
According to cp-Africa, Vodacom Tanzania CEO, and former Airtel Kenya head, Rene Meza said “about TZS 35 billion ($22 million) is transacted daily through M-Pesa and attributed this to the fact that the service is safe and reliable and is available throughout the country.”
In February, Vodacom said the mobile service recorded accelerated growth in Tanzania to 2.7 million active customers accounting for 23.4 percent of the base.
M-pesa then accounted for 8.5 percent of Vodacom Tanzania’s service revenue, compared to 3.1 percent in the previous year when it processed transactions worth more than $400 million during the month of December alone.
Tanzania has reported massive economic growth in recent years, making it one of the most vibrant economies in East Africa.
M-pesa is a mobile-phone based money transfer and micro-financing service owned by Safaricom and Vodacom. The service was launched four years ago. Efforts to drive access to the product have grown steadily, and Vodacom has managed to build an agent network of over 35,000 outlets. Similar services from Vodacom are set to be rolled out in the DRC, Mozambique and Lesotho in the next nine months.