Mobile banking in Tanzania has experienced significant fluctuations over the past five years. The number of subscribers dropped by 17.77% in 2021 but rebounded strongly in 2022 with a 64.30% increase, reaching 7.92 million users. Active users followed a similar trend, peaking at 2.65 million in 2024 after a 50.91% rise in 2023. The volume of transactions showed remarkable growth in 2024, surging by 76.04% to 144.34 million transactions, reflecting increasing trust in mobile banking. Despite a decline in transaction value in 2023 (-16.78%), it recovered in 2024, reaching TZS 29.92 trillion (+17.32%), signaling renewed confidence in digital financial services. These trends highlight the evolving landscape of mobile banking and its role in financial inclusion in Tanzania.

Analysis of Mobile Banking Trends in Tanzania (2020–2024)

1. Number of Subscribers

• The number of mobile banking subscribers fluctuated, decreasing from 5.86 million in 2020 to 4.82 million in 2021 (-17.77%), before recovering significantly in 2022 to 7.92 million (+64.30%).
• Growth continued in 2023 (8.99 million, +13.47%) and 2024 (9.48 million, +5.41%), indicating a steady increase in mobile banking adoption.

2. Active Users

• Active users followed a similar trend, dropping from 1.48 million in 2020 to 1.24 million in 2021 (-16.27%), then rebounding in 2022 to 1.62 million (+30.78%).
• The highest increase occurred in 2023 (2.45 million, +50.91%), reflecting strong user engagement. In 2024, growth slowed but remained positive (2.66 million, +8.43%).

3. Volume of Transactions

• The number of transactions increased from 59.23 million in 2020 to 71.45 million in 2021 (+20.63%), and further to 92.13 million in 2022 (+28.93%).
• However, there was a decline in 2023 (81.99 million, -11.00%), before a major rebound in 2024 (144.34 million, +76.04%).

4. Value of Transactions (TZS Million)

• The total transaction value surged from TZS 15.23 trillion in 2020 to TZS 24.97 trillion in 2021 (+64.00%), and further to TZS 30.65 trillion in 2022 (+22.74%).
• A dip occurred in 2023 (TZS 25.51 trillion, -16.78%), followed by recovery in 2024 (TZS 29.92 trillion, +17.32%).

Key Takeaways

• Subscriber Growth: Recovery after the 2021 decline suggests increasing confidence in mobile banking services.
• Active Users: The 2023 surge (+50.91%) highlights efforts to boost engagement, possibly through digital financial initiatives.
• Transaction Volume: A sharp rebound in 2024 (+76.04%) signals a renewed push for digital transactions.
• Transaction Value: Despite a temporary decline in 2023, the upward trend in 2024 suggests strengthening mobile banking adoption.

Mobile Banking Trends in Tanzania (2020–2024)

Key Insights

1. Subscriber Growth:
   • A decline in 2021 (-17.77%) but a strong recovery in 2022 (+64.30%).
   • Moderate growth in 2023 (+13.47%) and 2024 (+5.41%).
2. Active Users:
   • Dropped in 2021 (-16.27%), then rebounded in 2022 (+30.78%) and 2023 (+50.91%).
   • Growth slowed in 2024 (+8.43%), indicating stabilization.
3. Volume of Transactions:
   • Increased from 2020 to 2022, peaking at 92.13 million in 2022.
   • A drop in 2023 (-11.00%) was followed by a major increase in 2024 (+76.04%).
4. Value of Transactions:
   • Peaked at TZS 30.65 trillion in 2022 but declined in 2023 (-16.78%).
   • Recovery in 2024 (TZS 29.92 trillion, +17.32%) suggests growing trust in digital financial transactions.