The number of people signed up to M-Pesa in Tanzania has reached five million, according to Vodacom Tanzania.
M-Pesa has grown by 30% over the past year, reaching total monthly transactions of TZS1.3trn ($823.3m), up from its 4.5m subscribers and $622m in transactions in Tanzania in February 2012.
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The mobile operator recently announced that it will be investing TZS250bn in expanding and improving its networks across the country, as well as joining forces with a number of local financial institutions, in order to further e-commerce in Tanzania.
According to the firm, Vodacom Tanzania has already signed a Memorandum of Understanding with National Microfinance Bank, CRDB Bank, Standard Chartered Bank, Tanzania Postal Bank, Bank of Africa-Tanzania, Akiba Commercial Bank and AMANA Bank, which will allow its customers to use M-Pesa services to access their bank accounts for financial transactions.
A deal with Diamond Trust Bank (DTB) will also enable customers to withdraw money from their M-Pesa accounts through DTB’s nationwide network of ATMs, giving customers 24/7 access to their cash.
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