Digital banking services transactions value went up by 58.1 percent to 199.950.2bn/- last year from 126,441.3bn/- recorded during the previous year, Bank of Tanzania has reported.

Banks ATMs shrunk during the period to 2,048 last year from 2,058 recorded during the previous year FILE PHOTO

In its banking supervision annual report for 2021, BoT reported that number of digital banking services transactions reached 304,698,829 last year from 233,182,627 recorded in 2020, which translated for 30.7 percent growth.

“The growth of digital banking services was partly on account of the Bank’s policy measures to encourage the use of digital financial services such as mobile banking, point of sale and internet banking,” says BoT report.

Internet banking accounted for the largest value amounted 100,065.3bn/- last year from 64,866.9bn/- in 2020, through 8,370,396 transactions last year from 6,128,134 transactions recorded during the previous year.

Point of Sale (PoS) transacted the second largest value amounted 57,676.6bn/- last year from 35,109.8bn/- transacted in 2020 from 146,153,917 transactions in 2021, compared with 102,434,642 transactions recorded in 2020.

Number of PoS in Tanzania reached 58,025 last year from 47,576 recorded in 2020.

Mobile (SMS) Banking transacted 24,973.3bn/- from 15,227.4bn/- respectively recorded from 71,454,334 transactions in 2021 from 59,234,494 transaction in 2020.

The report shows the value transacted through Automated Teller Machines amounted 17,234.9bn/- from 11,237.3bn/- respectively through 78,720,182 transactions last year from 65,385,357 transactions in 2020.

However, number of banks ATMs shrunk during the period to 2,048 last year from 2,058 recorded during the previous year.

Banking services are offered through various delivery channels which include branches, agent banking and digital banking services.

The increase in usage of these channels has been enhancing financial inclusion. Branch network is highly dominated by large banks and concentrated in urban centers which accounted for 52.1 percent of total branches.

Agent banking business continued to grow in number of agents, number of transactions and value of deposit and withdrawal transactions.

Agent banking business is dominated by large banks and concentrated in urban centers which accounted for 58.7 percent of total operating bank agents.

The report shows number of banks agents increased by 21.1 percent, the lowest in five years, to 48,923 last year from 40,410 recorded in 2020.

On cash deposits, during last year, agency banking recorded 50,942,662 transactions valued 36,179.4bn/-, an increase of 44 percent compared with 35,158,035.9 transactions valued 23,174.4bn/- recorded in 2020.

On cash withdrawals, the report shows, a total of 30,706,146 transactions valued 10,779.6bn/- recorded during last year an increase from 23,622,966 transactions valued 8,659.8bn/- recorded in 2020.

Dar es Salaam region is continuing to lead with the highest number of agents as the report shows they were 16,059 last year from 12,753 recorded in 2020, followed by Arusha with 3,944 agents in 2021 an increase from 3,542 recorded in 2020.

Mwanza is third with highest number of agents in 2021 with 3,471, followed by  Dodoma with 2,676, Mbeya with 2,559, Morogoro with 2,151, Kilimanjaro with 1,881, Iringa with 1,217 agents, Simiyu with 1,202, Pemba with 1,080, Coast with 1078, Kagera with 1,041 and Njombe had 1,001 agents.

The highest growth of banks agents’ growth recorded in Pemba with 980 percent to 1,080 last year from 100 recorded in 2020, followed by Simuyu, which recorded 257 percent growth to 1,202 last year from 336 recorded in 2020.

National Microfinance Bank (NMB) Plc's Chief Executive Officer, Ruth Zaipuna (3rd L), and CCBRT CEO, Brenda Msangi (3rd R), take part in the Season II of the NMB Marathon at Leaders Club venue in Kinondoni, Dar es Salaam last weekend. The 2022 NMB Marathon, themed 'Mwendo wa Upendo', is a charity marathon aimed at raising funds to treat fistula patients at CCBRT Hospital. PHOTO: CORRESPONDENT

William Kajagi (L), acting director overseeing the prevention of crude oil pipeline corrosion at the East African Crude Oil Pipeline (EACOP) Project,makes remarks directed at Tanzania Petroleum Development Corporation director general Dr James Mataragio (R) yesterday. The latter was on an assessment tour of the ongoing construction of the project’s factory at Sojo village in Nzega District, Tabora Region. Photo: Correspondent Shaban Njia

In Tanzania still about 70 to 80 per cent labour is absorbed in this sector. Agricultural progress permits the shift of manpower from agricultural to non-agricultural sector.

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