MORE than 500,000 Tanzanians have so far subscribed with M-Pawa banking service with deposits 4bn/- within less than three months since it was launched in Dar es Salaam.
The service operated jointly by Vodacom Tanzania and the Commercial Bank of
Managing Director of Vodacom Tanzania, Mr
Some of the hurdles included no easy access to banks because of big amount of money that was required for one to open bank accounts and inability to meet strict loan conditions including having collateral.
"We are very happy to note that the service is gaining popularity within short period of time and some of those who ventured and opened accounts during the launch day are already borrowing money," said
Other benefits cited by
He said that one can open an account even with 1/- deposit, increasing his other savings with time and enjoy a nine per cent annual interest rate, also small loans of 500,000/- and above are also available.
Vodacom Tanzania has got the extensive coverage of the country coupled with over 70,000 strong M-Pesa agent network.
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