By Business Insider Reporter
In just over a decade, Tanzania has transformed financial access from a privilege into a fundamental right – positioning itself not only as a regional leader but as a global exemplar in inclusive finance and digital financial innovation.
This transformation has been fueled by a combination of mobile money innovation, progressive regulatory reforms, and a national commitment to financial empowerment.
From pioneering mobile interoperability to launching real-time digital payment systems, Tanzania has built an ecosystem where even remote and underserved communities can participate in the financial economy.
The result: over 70% of adults now have access to formal financial services – up from just 16% in 2009.
A digital transformation
While over a billion people globally remain unbanked, Tanzania’s quiet revolution in financial inclusion is making waves.
Central to this transformation is the rapid adoption of mobile money, earning the country international acclaim.
The Alliance for Financial Inclusion (AFI) has recognized Tanzania as one of the most compelling success stories in the developing world.
A major turning point came in 2016, when Tanzania became one of the first countries to implement full mobile-money interoperability.
This allowed users to send and receive funds across different networks – removing a key barrier to access.
Today, over 70% of Tanzanian adults use mobile money, bypassing traditional banks entirely.
Smart policy, real impact
In 2024, the Bank of Tanzania launched the National Financial Inclusion Implementation Support Guide (2023–2028), with backing from AFI. This framework integrates financial inclusion into national budgeting and planning, ensuring it’s treated not just as a goal – but as a cross-sector development priority.
This effort is supported by AFI’s broader mission to expand affordable, quality financial services to underserved populations, particularly women, small businesses, and low-income communities.
Tanzania’s inclusion surge is powered by platforms like M-Pesa, Tigo Pesa, and Airtel Money, now used by more than 9.5 million people. The Tanzania Instant Payment System (TIPS) has further accelerated progress, enabling real-time digital payments across banks and mobile wallets, even in remote areas.
The National Financial Inclusion Framework III (2023–2028) emphasizes not just access but meaningful use, with a focus on youth, farmers, women, and people with disabilities. It aligns with Tanzania’s broader digital and economic development goals, including national ID registration and credit infrastructure reform.
Banking without borders
While traditional bank penetration remains under 30%, agent banking has changed the landscape. Over 100,000 agents across the country now offer deposits, withdrawals, financial education, and micro-credit – particularly in underserved rural areas.
According to NMB Bank CEO Ruth Zaipuna, the bank added over 22,000 new agents in 2024 alone, reaching 50,698 in total.
These agents helped open 1.5 million new accounts, raising NMB’s customer base to 8.5 million.
Tanzania’s model – balancing innovation and regulation – has earned praise from the IMF, World Bank, and AFI.
Best practices like national ID integration, improved microfinance oversight, and enhanced credit systems are being cited globally.
On the ground, the results are real: farmers receiving mobile payments, women accessing microloans, youth building fintech startups. Yet challenges remain – rural financial access still lags behind urban centers (55% vs. 85%), and digital literacy gaps persist.
Still, Tanzania’s momentum is clear. With goals to reach 75% financial inclusion by 2025 and 90% by 2030, the country is not just setting targets – it’s building a scalable, inclusive model for the world.
“Inclusion isn’t just about access – it’s about empowerment,” said fintech advocate Godwin Mugisha. “Tanzania is showing what’s possible when a nation dares to dream – and act.” Tanzania’s financial future isn’t just expanding. It’s opening – wallet by wallet, account by account, life by life.
