The Bank of Tanzania and the Tanzania Communication Regulatory Authority have agreed to jointly oversee of the country’s mobile-payments market, an official at the central bank confirms to PaymentsSource.
The rapid growth of mobile-payment services in Tanzania attributable to limited or no access to formal banking services in some parts of the country has mandated this partnership, according to the official.
“We have four mobile operators offering such services, and we estimate that almost 10 million mobile subscribers are registered for mobile payments in the country,” he adds.
But no set security standards exist for mobile payments, nor is there a mechanism to handle disputes, the official contends. “One of the goals of this partnership is to set up regulations that can look at both of these shortcomings in the mobile-payment sector here,” he adds.
Vodacom Tanzania Ltd., Airtel Tanzania Ltd., Zantel Tanzania Ltd. and Tigo Tanzania Ltd. offer mobile-payment services in the country.
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