Tanzania is one of the fastest growing mobile money markets in the world. Today mobile telephone penetration is 49% according to Wireless Intelligence as of Q3 2011. There are four active mobile money businesses, the largest of which is Vodacom’s M-PESA which has over 2 million active users.
CGAP counted 22 branchless banking services with more than 1 million registered users; we also counted more than 70 others which have not reached that threshold (as of Q1 2011). That’s about a 1 in 4 “hit rate”.
We often write on this blog about the potential to link government-to-person (G2P) payments to financial services. We also closely follow branchless banking developments in India and have recently shared our take on the market. So imagine our excitement when we can talk about both together!
On a recent visit to Bangladesh Sarah Rotman and I met with Post Office Director General, Mobasherur Rahman, at his office in the middle of busy downtown Dhaka to hear about his foray into the world of branchless banking.
Despite the difficulties in Haiti during 2010 and into 2011 (earthquake, infrastructure destruction, elections and political unrest, cholera epidemic, tropical storms, floods, and gas shortages), the response to HMMI by the mobile operators, technology providers, financial institutions, institutional users, and Haitians has been very positive, with both Tcho Tcho Mobile and Ti-Cash launched before the end of 2010.