M-PAWA, a new banking product introduced by
Vodacom Tanzania's Managing Director, Mr
"This is a very encouraging trend which we believe will go from strength to strength," he said.
M-Pawa's simple and user-friendly menu also allows customers to save from as little as 1/- and to borrow money depending on their savings and credit history.
Depositing and withdrawing money on M-Pawa is free. "M-Pawa primarily targeted at People who don't have a bank account, people who never bank, and people who struggle to have access to traditional banking. That is why the M-Pawa 'Kibubu' is growing at such a rapid pace," he said.
"'Just like we have seen M-Pesa allow a lot more Tanzanians to be active in the economy, we believe M-Pawa will provide Tanzanians with the confidence to save their money in a more secure way and also allow them to earn interest for their savings" M-Pawa is a banking product from
"This great partnership allowed us to introduce this product in
Meanwhile, Vodacom Tanzania has played crucial role in financial inclusion in particular with M-Pesa services where customers can send money to over twenty seven million mobile subscribers in the country.
Any mobile customer who receives money from M-Pesa can withdraw cash from over 70,000 M-Pesa agents across the country. Speaking in Dar es Salaam yesterday, Vodacom Tanzania's Managing Director
He added, "For, not only has it allowed customers to send money to any mobile network in
"We are currently in discussion with other mobile operators in
"We have also integrated our M-Pesa service with 26 banks in the country. This coupled with our over 70,000 M-Pesa Wakalas effectively provides all Tanzanians with the widest access to financial services in the country," he said.
Experience shows that the bulk of the transactions on M-Pesa are deposits and withdrawals that are used to fund everyday activities.
"We therefore, remain committed to ensuring that our customers can send money across other networks because we would like to see as many Tanzanians as possible accessing financial services wherever they are in this country," said
He said currently over 1.5tri/- is transacted through M-Pesa every month and this is roughly 35 per cent of
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