Tanzania

Tanzania, a country well-known for its extraordinary landscape and wildlife, receives thousands of tourists each year. They visit the country to see lions, elephants, and giraffes in their natural environment, climb to the summit of Mt. Kilimanjaro, and stretch out on the beaches of Zanzibar. Compared with other East African countries, Tanzania has experienced rapid economic growth in recent years, with an annual average growth of 7% over the last 15 years[1].  And, despite the 2013 FinScope data indicating that only 14% of Tanzanians used bank products (much less than other East African countries), the country is also popular among mobile money enthusiasts, who have experienced rapid growth in the industry and anticipate the possibility of a new Kenya.

Nevertheless, the most common channel for access to credit in Tanzania at present is borrowing from friends or family or from informal providers. In fact, just 12.5% of people who currently have credit obtained it from a formal financial service provider, and, in spite of the buzz around mobile money, Tanzania has a long way to go to provide inclusive financial services to its population. The government of Tanzania, in recognition of this situation, has promoted a public-private initiative to create a National Financial Inclusion Framework to implement action plans and set targets for expanding financial inclusion within a period of three years (2014 – 2016).

Just six months after the launch of the National Financial Inclusion Framework, MIX has included Tanzania in its FINclusion Lab platform so that users can stay up to date on this rapidly growing market.


[1] World Bank, the World Development Indicators.