TANZANIA’S economy is rapidly
transitioning towards a cashless system, with mobile money, merchant payments,
and point-of-sale (POS) transactions posting double-digit growth, while
traditional payment methods such as cheques and cash withdrawals via ATMs
continue to lose ground.
Data from the Bank of Tanzania’s
(BoT) National Payment System Annual Report 2024 show that the country’s
digital payments infrastructure expanded at an unprecedented pace, driven by
rising smartphone penetration, progressive regulation, and growing consumer
demand for faster, cheaper transactions.
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