Africa-Press – Tanzania. THE Tanzanian financial sector has recorded remarkable progress, particularly through digital payment systems in the four- year presidency of Dr. Samia Suluhu Hassan.
One of the major achievements is the increase in the amount of money transferred from banks to mobile networks. In the year she took office, the total amount was 4,426.91bn/-, accounting for 31.27 percent of all transactions (31,949,446).
By 2024, this figure soared to 11,299bn/-, representing 39.88 percent of 82,676,171 transactions.
This increase reflects the success of sound financial policies and greater inclusion of citizens in formal financial systems.
Additionally, the number of Automated Teller Machines (ATMs) has significantly increased in number during this period. When President Samia took office, there were 1,462 ATMs handling 45,647,737 transactions worth 7,255bn/-.
By 2024, the number had grown to 2,174 ATMs—an increase of 712 new machines—executing 70,792,400 transactions valued at 13,789bn/-.
This growth indicates an expansion of financial services and improved accessibility to cash for the public.
The mobile financial services sector has seen even more impressive progress. The number of mobile money users increased from 30,325,019 to 60,745,698 by 2024. The value of transactions grew from 109,214bn/- to 198,859bn/-, representing a rise from 15.45percent to 29 percent of the total transaction value.
This demonstrates increasing public trust and usage of financial technology, contributing to the development of a digital economy.
Point-of-Sale (POS) machines have also more than doubled. When President Samia took office, there were 4,428 POS terminals processing 2,968,661 transactions worth 490.96bn/-, accounting for 71.61percent of such payments.
By 2024, the number had increased to 9,655 POS devices processing 15,098,517 transactions worth 3,299.30 bn/-, representing 71.64perecnt.
These figures show increased use of digital technology for purchases and payments, helping promote a cashless economy.
These achievements have been made possible through government efforts to strengthen economic systems and invest in financial technology infrastructure.
Furthermore, strong regulatory oversight and policies aimed at inclusive financial services have significantly contributed to these successes.
These policies have increased transparency, enhanced transaction security, and encouraged both domestic and foreign investment.
Moreover, these developments signal an improved circulation of money within the national economy.
The increase in financial transactions indicates that more citizens are now using formal financial systems in their daily activities, which helps regulate the economy and boosts government revenue collection through taxes and fees.
Overall, these accomplishments highlight the success of Tanzania’s sixth-phase government under the leadership of President Dr. Samia Suluhu Hassan.
Through the enhancement of the financial sector and promotion of financial technology, Tanzania has made significant strides in building a modern economy, increasing citizen participation in formal financial systems, and improving national well-being.
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