Vodacom Tanzania says that the number of people signed up to its mobile money transfer service M-pesa has broken the five million barrier, while total monthly transactions now stands at TSZ1.3 trillion ($823.3 million).
The figures compare favourably to 4.5 million subscribers and $622 million in transactions when the carrier released its last M-pesa update in February this year.
The mobile operator recently announced investment of TZS250 billion in expanding and improving its networks across the country, and has now announced the signing of an agreement with a number of local financial institutions which is designed to spur e-commerce in Tanzania.
According to the firms press release, Vodacom Tanzania has already signed a Memorandum of Understanding (MoU) with National Microfinance Bank (NMB), CRDB Bank, Standard Chartered Bank, Tanzania Postal Bank (TPB) Bank of Africa-Tanzania (BOA Tanzania), Akiba Commercial Bank (ACB) and AMANA Bank, that will allow its customers to use M-PESA services to access their bank accounts for financial transactions.
Further, a tie-up with Diamond Trust Bank (DTB) enables M-PESA customers to withdraw money from their M-pesa accounts through DTBs nationwide network of ATMs, giving customers 24/7 access to their cash.