As the number of people using mobile money grows, commercial banks in Tanzania are partnering with telecom companies to reach the unbanked as well as allowing mobile money subscribers with bank accounts to transfer cash between the two services.
“The integration gives room for more people to use either mobile money, bank accounts or both, and makes it easier for a bank to reach a large market, particularly rural areas which are financially underserved,” said Ineke Bussemaker, chief executive officer of NMB Bank.
