Money remittances in Tanzania have experienced significant shifts from 2020 to 2024, with both bank-facilitated and mobile money transactions showing remarkable growth. Bank remittance inflows surged from TZS 894.08 billion in 2020 to TZS 1,892.71 billion in 2024, marking a 111.7% increase, while outflows rose by 164.5%, reaching TZS 1,163.99 billion. Mobile money remittance inflows also grew significantly, from TZS 483.8 billion in 2020 to TZS 1.065 trillion in 2024, despite a slight 4.23% decline in transaction volume in 2024 compared to 2023. This trend highlights an increasing reliance on formal banking systems while mobile money continues to play a vital role in financial inclusion.
Between 2020 and 2024, remittance inflows facilitated by banks grew by 41.7%, from TZS 894.08 billion in 2020 to TZS 1,892.71 billion in 2024. The volume of inflows also saw a significant increase, peaking at 1.26 million transactions in 2024—a 50% rise from 2023. On the outflow side, remittances increased by 16% in volume and 29% in value in 2024, reaching TZS 1.16 trillion. This trend reflects an increasing reliance on formal banking channels for cross-border money transfers.
Remittances through Mobile Money Operators (MMOs) saw rapid early growth but stabilized in recent years. The inflow value grew from TZS 483.8 billion in 2020 to TZS 1.065 trillion in 2024, marking a 120% increase over five years. However, after a peak of 4.02 million transactions in 2022, the volume declined by 4.23% in 2024, indicating possible shifts in user behavior or regulatory impacts. Despite this, the value of transactions rebounded in 2024 with an 8.6% increase, showcasing sustained demand for mobile remittance services.
Table 1: Bank-Facilitated Remittances (TZS Billion & Volume)
| Year | Inflow Volume | Inflow Value (TZS Bn) | % Change (Inflow Volume) | % Change (Inflow Value) | Outflow Volume | Outflow Value (TZS Bn) | % Change (Outflow Volume) | % Change (Outflow Value) |
| 2020 | 629,606 | 894.08 | 12.49% | -2.57% | 168,061 | 439.88 | 14.41% | -16.94% |
| 2021 | 415,960 | 837.33 | -33.93% | -6.35% | 129,651 | 480.86 | -22.85% | 9.32% |
| 2022 | 500,849 | 1,344.12 | 20.41% | 60.52% | 132,740 | 640.14 | 2.38% | 33.12% |
| 2023 | 839,734 | 1,405.41 | 67.66% | 4.56% | 127,457 | 899.70 | -3.98% | 40.55% |
| 2024 | 1,263,470 | 1,892.71 | 50.46% | 34.71% | 148,274 | 1,163.99 | 16.33% | 29.33% |
Table 2: Mobile Money Remittances (TZS Billion & Volume)
| Year | Inflow Volume | Inflow Value (TZS Bn) | % Change (Inflow Volume) | % Change (Inflow Value) |
| 2020 | 1,745,569 | 483.80 | 304.75% | 330.82% |
| 2021 | 3,265,693 | 996.55 | 87.08% | 105.98% |
| 2022 | 4,024,519 | 1,047.35 | 23.24% | 5.10% |
| 2023 | 3,601,794 | 980.46 | -10.50% | -6.39% |
| 2024 | 3,449,426 | 1,065.00 | -4.23% | 8.60% |