Tanzania
Tanzania, with a population of approximately 63.6 million and a GDP of $67.8 billion, still relies heavily on cash, especially in rural areas where electronic payment infrastructure is limited. According to the Bank of Tanzania, cash withdrawals and over-the-counter transactions accounted for 89% of total transactions in 2020.
Mobile money adoption is growing rapidly, particularly in urban areas. As of December 2020, Tanzania had over 30 million registered mobile money users, transacting a total of 22 trillion Tanzanian shillings ($9.4 billion USD). Leading providers include Vodacom M-Pesa, Airtel Money, and Tigo Pesa, allowing users to transfer funds, pay bills, purchase goods, save money, and facilitate trade-related payments.
Tanzania’s imports and exports, including agricultural products, minerals, and manufactured goods, increasingly rely on digital payment solutions for cross-border transactions. The growing adoption of mobile money, electronic payments, and digital banking is supporting a cashless economy, enhancing financial inclusion, and modernizing Tanzania’s payment ecosystem.
Top banks
Tanzania’s banking sector is well-established, featuring major institutions such as CRDB Bank, NMB Bank, Stanbic Bank Tanzania, Diamond Trust Bank, and Barclays Tanzania (ABSA). These banks provide a range of retail, corporate, and digital banking services, supporting financial inclusion, mobile banking adoption, and the growth of Tanzania’s cashless economy.
CRDB Bank Tanzania
CRDB Bank Tanzania is one of the largest commercial banks, offering retail, corporate, and digital banking solutions. It supports financial inclusion through mobile banking, loans, and investment services. With an extensive branch network and digital platforms, CRDB drives cashless transactions and economic growth across urban and rural Tanzania.
NMB Bank
NMB Bank Tanzania is a leading commercial bank offering innovative retail and corporate banking services. Its mobile and online banking solutions enhance financial inclusion, while its extensive branch network ensures access to secure loans, savings, and payment services for individuals and businesses.
Stanbic Bank
Stanbic Bank Tanzania delivers corporate, investment, and personal banking solutions, with a focus on digital and mobile platforms. It supports cross-border trade, secure payments, and economic growth, helping businesses and individuals access modern banking services across Tanzania.
Diamond Trust Bank (DTB)
Diamond Trust Bank Tanzania is a leading bank offering retail, corporate, and SME banking services. Known for its digital banking platforms, mobile banking, and cashless payment solutions, DTB Tanzania supports financial inclusion, trade finance, and secure transactions, driving economic growth across the country.
Absa Bank Tanzania
Barclays Bank Tanzania, now Absa Bank Tanzania, is a leading financial institution offering retail, corporate, and investment banking services. The bank specializes in digital banking, mobile banking, cashless payments, and trade finance, promoting financial inclusion and supporting Tanzania’s economic growth.
Top payment methods
Tanzania’s payment ecosystem is evolving, with a mix of traditional cash transactions and digital solutions. Popular methods include mobile money services like M-Pesa, Tigo Pesa, Airtel Money alongside credit/debit cards, e-wallets, and online banking, driving financial inclusion and a cashless economy.
M-Pesa
M-Pesa, a leading mobile payment platform by Safaricom, is one of Africa’s largest mobile money networks, serving over 50 million users across Kenya, Tanzania, South Africa, Zambia, and other countries. It enables peer-to-peer transfers, in-store payments, and international remittances through partners like Western Union, supporting financial inclusion, cashless transactions, and cross-border payments. In Kenya, over 90% of mobile money transactions are processed via M-Pesa, making it a vital part of East Africa’s digital economy. The service also offers fast, convenient, and secure international money transfers, making it a top choice for users seeking mobile banking and digital payment solutions across Africa.
Tigo Pesa
Tigo Pesa, part of the Tigo mobile financial services network, enables users to send and receive money across multiple mobile operators in Africa. Available in countries like Tanzania, Rwanda, and Ghana, Tigo Pesa supports mobile money transfers, bill payments, and e-commerce transactions. Ethiopian Airlines passengers can even pay for tickets via Tigo, highlighting its role in digital payments, financial inclusion, and cashless transactions across the region.
Airtel Mobile Money is a leading mobile wallet and digital payment solution that enables users to make online and offline payments, pay bills, top up mobile phones, and send or receive money transfers. Wallets can be funded via bank accounts, payment cards, or UPI-linked mobile numbers, providing secure, convenient, and cashless transactions. Airtel Mobile Money supports financial inclusion, mobile banking, and digital payments across Africa.
Concluding remarks
Tanzania’s payment landscape is gradually shifting from cash to digital and mobile payment solutions. With services like M-Pesa, Tigo Pesa, and Airtel Money, growing financial inclusion, and expanding e-commerce, the country is moving toward a more cashless and modern economy.
Cash
Cash remains the dominant payment method in Tanzania, especially in rural areas. Over 89% of transactions are cash-based, providing simplicity and accessibility. It is widely accepted in markets, shops, and small businesses, supporting the traditional economy alongside emerging digital payments.
Cards:
Credit and debit cards are increasingly used in urban Tanzania for retail, online shopping, and bill payments. Although penetration is low, card usage is growing in banks, hotels, and supermarkets, driving digital financial adoption and supporting a cashless economy.
APM's:
Mobile money services like M-Pesa, Tigo Pesa, Airtel Money and Mobicash dominate Tanzania’s APM landscape. They allow peer-to-peer transfers, bill payments, and merchant transactions, enhancing financial inclusion and access to digital banking nationwide.
Cryptocurrency
Cryptocurrency adoption in Tanzania is emerging, with platforms enabling Bitcoin, Ethereum, and other crypto transactions. Digital currencies are used for investments, remittances, and online payments, contributing to the growing fintech ecosystem in the country.
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