Vodacom Tanzania, CBA launch mobile money banking service

Friday 16 May 2014 10:23 CET | News

Vodacom Tanzania, a mobile communication services provider, and East African financial institution Commercial Bank of Africa (CBA), have launched a banking service named M-Pawa allowing Tanzanians to save and borrow money on their mobile phones.

Similar to Kenya’s M-Shwari, launched by CBA with Safaricom, M-Pawa combines CBA’s banking platform with M-Pesa’s distribution system, which have approximately 65,000 agents across Tanzania.

Customers can sign up for M-Pawa by accessing the M-Pesa menu on their phone, selecting M-Pawa and then choose between saving, withdrawing or taking out a loan.

For a subscriber to qualify for a loan, they need to have used M-Pesa for at least six months and have a saving history on M-Pawa.

Vodacom Tanzania has also integrated its M-Pesa service with 21 commercial banks in the country.

In recent news, Vodacom Tanzania has entered a partnership with provider of petroleum products fuels and furnace oils Total Tanzania.

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Keywords: Vodacom, Tanzania, Commercial Bank of Africa, CBA, mobile, money, banking, M-Pawa, save, borrow, money, M-Shwari, M-Pesa, loan, phone
Categories: Payments & Commerce
Countries: World
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