The bank’s Director of National Payment Systems Bernard Dadi said early this week the number of registered active mobile payment service for M-Pesa, Tigo-Pesa and Airtel money reached 14.2 million comprising 38.8 million registered accounts.
He told the Guardian in an interview that “such meteoric rise has caused a tremendous development impact on the conventional banking services by enhancing their operations”.
The services have improved liquidity in the banking system as the money that is circulating electronically is backed by funds deposited in trust accounts held by banks.He said the system platform has enabled banks to partner with the mobile payment services providers where the banks act as agents of providing cash out services.The trend, however, enables both banks’ account holders and non-account holders to withdraw cash from their mobile phone wallets through Automated Teller Machines (ATMs), thereby increasing bank business and earnings.
He noted that the system platform has enhanced efficiency in banking operations as the system enables linkage between customer bank accounts and mobile phones.
The facility enables bank customers to conveniently transfer money from their bank accounts to their mobile payment services accounts or vice versa, or make payment to other entities including those that do not have bank accounts.
Dadi’s remarks clears doubts and speculations among financial stakeholders that payment services denies opportunities for customers to open bank accounts as the majority might prefer to rely on the new technology money transfer.
Financial statistics show that mobile money transfer technology has increased rapidly while benefiting majority of people, both in rural and urban areas.
The technology rapidly transforms lives of millions of consumers in Tanzania and other developing countries, providing access to financial services and the ability to pay and be paid electronically.
Users of mobile money transfer praise the technology for introducing M-Pesa money transfer in early 2010 in the country.
Speaking to The Guardian on Sunday in the city mid this week, most of users said they solved personal problems and that of their relatives.
John Ouma, a cattle trader at Pugu Auction on Dar es Salaam on city’s outskirts makes transactions with his customers in Mwanza and Shinyanga.
Meanwhile, Robbinson Godwin who owns a wholesale shop at Kariakoo says he has been paying workers’ salaries by money transfer technology.
For his part Anthony Sichalwe, an architect with the RBS construction in Dar es Salaam, said in an interview that he settled his mother’s medical bills who lives in Mwanza.
SOURCE: GUARDIAN ON SUNDAY
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