Mobile money transactions in Tanzania hit a record Sh140.9 trillion in 2022, a figure that beat transactions in the previous year (2021) Sh3.7 trillion according to figures available at TCRA.

The value of mobile transactions in 2022 dwarfed Tanzania’s national 2022/23 budget of Sh41 trillion by over three folds. According to TCRA subscription to Mobile Money has increased from 39.6 million accounts to 40.9 million accounts.

The latest report also states that the number of transactions has been on the rise in the past three years from 3.4 billion in 2020 to 4.2 billion in 2022 with their corresponding value of transactions in trillion shillings. The number of subscribers has also been increasing at the average rate of 17 percent per year while annual average transactions per user have an average decrease of 1 percent per year.

In the month of October and December, 2022, the number of mobile money accounts increased at an average rate of 0.97 percent in the quarter under review. The report also showed that Vodacom has a larger market share of 39 percent of mobile money accounts in the market with TTCL taking 3 percent of the share.

TCRA’s report shows that the number of mobile money accounts for the past 12 months grew at the rate of 1.4 percent while the number of transactions grew at a rate of 2.8 percent and the value of transactions on the other hand grew at 3 percent.

It shows that each mobile money subscriber has conducted an average of 29 transactions in the period under review.