(3 minutes read)
· Seven years ago, Tanzania implemented financial interoperability, bagging the credit as the first country to introduce that system in the world
· With financial interoperability, consumers of one mobile money scheme can transfer cash to a client of a rival mobile money scheme
· This makes the customers remit easily to send money to a bank or to a mobile money account without much hassle.
Seven years ago, Tanzania implemented financial interoperability, bagging the credit as the first country to introduce that system in the world.
With financial interoperability, consumers of one mobile money scheme can transfer cash to a client of a rival mobile money scheme. This makes the customers remit easily to send money to a bank or to a mobile money account without much hassle.
The interoperability is possible among the CRDB Bank, People’s Bank of Zanzibar and Equity Bank Tanzania. Customers can cash in and out their money at any of the banks’ branches countrywide, within minutes. There are 288 WorldRemit cash pickup locations across the country. This has made it easier for Tanzanian innovators to create relatively affordable solutions for receiving and sending money with ease via mobile devices or via a website.
As a result, access to financial services for the unbanked has expanded. It is also convenient, cost effective and secure.
