TANZANIA IS WORLD'S LEADING COUNTRY IN MOBILE FINANCIAL SERVICES – WORLD BANK

Tanzania's President, Jakaya Kikwete.

Tanzania has emerged the leading country in the world in mobile financial services, the World Bank has said in its World Development Report.

According to the World Bank, Tanzania is leading the world in providing low interest loans through mobile phones as well as being one of the biggest markets in the world for providing mobile money services.

Daily News Tanzania reports that the World Development Report recognised the government’s efforts in putting in place high level standards of Information Communication Technology (ICT) systems compared to other countries in the world.

“This is a very good example from Africa, which can be emulated by all countries in the world,” the bank’s Chief Economist, Professor Kaushik Basu, said when presenting a summary of the report recently.

Prof Basu made the presentation on Monday at the Heads of State meeting at the United Nations (UN) Headquarters in New York, United States. The meeting focused on the Digital Age, which is part of the Millennium Development Goals (MDGs) whose deadline is this year.

Speaking in the meeting which was also attended by Tanzania’s President, Jakaya Kikwete; Estonian President, Toomas Hendrik Ilves and the WB President, Dr Jim Kim; Prof Basu said the world is in the midst of technology changes whose effects cannot yet be fathomed.

“We are in the middle of major technological revolutions, whose effects are hard to comprehend. These (mobile money services) are matters that a few years ago, did not even have a name, but now internet and digital technology is changing lives of people both socially and politically,” he explained.

Prof Basu noted that Tanzania has invested a lot in ICT and mobile money systems enabling transfers and distribution of money, adding that Tanzania is a big market in the world for sending money using mobile phones.

“Tanzania is now the leading country in the world in providing mobile money services, giving low interest loans through mobile phone services. These are examples that other countries in the world can emulate from Africa,” he said.