Stakeholders from 8 African countries deliberate on policies and frameworks to drive innovation, technology and sustainable mobile payment ecosystem
Key representatives from over 8 countries in Africa gathered at a workshop organized by Vodacom in Dar es Salaam on Wednesday (21 November) to look into trends and developments shaping the mobile money industry in Africa.
Sub-Saharan Africa is home to the 10 economies worldwide where more adults now have mobile money accounts than at a financial institution. A game changer in this region, Mobile Money continues to drive economic growth and social benefit by providing access to financial services to the millions of people who have a mobile phone, but do not have or have only limited access to a bank account.
Managing Executive, Legal and Regulatory Matters at Vodacom Group, Judith Obholzer, said that Sub-Saharan Africa including Tanzania has witnessed rapid growth in mobile money operations and innovations enabling broad-based participation and access to financial services.
“Our aim is to provide a platform for leading experts to express their views on trends and developments shaping the industry. The industry continues to evolve at a rapid pace with policy makers and regulators playing a central role in facilitating and enabling environment for financial inclusion,” said Ms. Obholzer.
Representative of the Bank of Tanzania, Mr. Albert Cesari, underscored the important impact Mobile Financial Services have made on the economy and the important role of the workshop in ensuring sustainability of the mobile financial service industry.
“The government is committed to ensure that mobile financial providers continue to be effective players in the future, and that they are able to provide the innovations and investments necessary in the technical and business dynamics in the financial payment market.” Cesari explained.
M-Pesa has been Africa’s most successful mobile money service. Research illustrates that mobile money has significantly contributed to social empowerment, economic growth and poverty reduction. It provides people with a safe, secure and affordable way to send and receive money, top-up airtime, make bill payments, receive salaries and get a short-term loan.
Vodacom also released its ‘Future-Proofing Mobile Financial Services’ report at the workshop.
The report, the first of Vodacom’s Public Policy Series, demonstrates how mobile money is driving economic growth and empowering lives through financial inclusion.
Speaking during the launch, Hisham Hendi, Managing Director, Vodacom Tanzania, said, “Mobile money – supported by extensive mobile reach – has proven to be a platform for economic opportunity, transforming the financial services landscape, in particular on the African continent.” He added “I am glad that this report brings together contributions by leading experts that speak to these three broader themes. They are diverse in their views and ambitions, critical and inspiring.”
The event brought together representatives from mobile network operators and a cross-section of sectors including Telecommunication, financial service providers, banking, CSO and regulators who addressed various topics including: Future-proofing Mobile Financial Services, Enabling Interoperability Frameworks – Payment Systems, Regional Integration and Cross-Border Opportunities, How to solve the legal identity problem, Best Practice Sharing and The Cloud Opportunity – Getting the Conditions Right.
Report distributed by APO Group on behalf of Vodacom Tanzania Plc.
About Vodacom Tanzania:
Vodacom Tanzania Plc (www.Vodacom.co.tz) is the country’s leading mobile operator and mobile financial services provider. We provide a wide range of communication services for consumers and enterprise – including voice, data and messaging, video, cloud and hosting, mobile solutions and financial services – to over 14.1 million customers. Vodacom Tanzania Plc and its subsidiary companies are part of the Vodacom Group registered in South Africa which is in turn owned by Vodacom Group Plc of the United Kingdom. It has been registered on the Dar es Salaam Stock Exchange (DSE) with registration number ISIN: TZ1886102715 Stock name: VODA. For further information please visit our website: www.Vodacom.co.tz
About Vodacom M-Pesa Tanzania:
Vodacom M-Pesa is Tanzania’s (https://bit.ly/37ssv14) largest mobile financial service introduced by Vodacom Tanzania PLC in 2008. Now GSMA certified and with over 8 million customers, M-Pesa has significantly contributed towards financial inclusion and economic activity in the country. Customers deposit and withdraw money from their M-Pesa wallets through over 106,000 agents across the country. The M-Pesa ecosystem connects businesses, banks and government agencies making digital payments possible.
To date, M-Pesa continues to be the market leader in mobile financial services, rolling out innovative services such as savings & Loans, Virtual Debit cards, Overdraft services, Group savings, E-payments and many more, which address the real needs of Tanzanian thereby enhancing financial inclusion and deepening.