Tanzania: Vodacom's M-Pawa Hits a Million Market

VODACOM'S mobile money transaction service M-Pawa, launched in May 2014, in partnership with Commercial Bank of Africa (CBA), has reached one million customers, the telecom firm announced in Dar es Salaam.

M-Pawa enables customers to open a bank account on his or her mobile phone and has helped Vodacom subscribers save and borrow money.

The telecom company says customers are able to save as little as 1/- and earn interest immediately from the comfort of their homes or offices.

Vodacom's Head of Financial Services, Jacques Voogt said: "It is undeniable that the financial sector in Tanzania has been revolutionised by mobile money services such as M-Pesa and M-Pawa.

"We are witnessing the same growth with M-Pawa and we are proud to have played a key role in allowing many Tanzanians who did not yet have access to financial services to become active players in the country's economy through this service."

Through M-Pawa customers are notified of their eligibility for a loan relative to their M-Pesa history and on the Vodacom network.

That is, the more a customer uses Vodacom services, the more they can borrow on M-Pawa.

Simon Kato, a hardware shop owner in Ubungo area has an M-Pawa account and thinks it is a good innovation which can be of much benefit, especially to citizens in rural areas with no banking facilities.

source:Tanzania Daily News.