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IFC MOBILE MONEY SCOPING COUNTRY REPORT: TANZANIA Margarete Biallas (with assistance from Alana Fook) TANZANIA SUMMARY - PAGE 1 CURRENT MOBILE MONEY SOLUTION Currently 5 mobile money solutions offered. POPULATION 51 million MOBILE PENETRATION 55% (high) BANKED POPULATION 19% through financial institutions, 40% overall [Source: World Bank FINDEX] PERCENT UNDER POVERTY LINE 28.2% (2012) [Source: World Bank] ECONOMICALLY ACTIVE POPULATION Workforce: 26.11 million (2015) [Source: CIA] ADULT LITERACY 70.6% of Tanzanians, age 15 and over, can read and write (2015) [Source: CIA] MOBILE NETWORK OPERATORS Vodacom (12.4 million subscribers) Tigo (11.4 million subscribers) Airtel (10.7 million subscribers) Zantel (1.2 million subscribers) There are smaller MNO’s eg Halotel (4%), Smart (3%) and TTCL (1%) but they are marginal and do not currently Market Readiness offer mobile money at this time. OVERALL READINESS RANKING The telcom sector has dramatically improved access Regulation 3 through mobile money. Over 40% of mobile money Financial Sector 3 subscribers are active on a 90-day basis. The financial Telecom Sector 4 sector has begun to incorporate agency banking into their channel strategies. Scope for improvements in Distribution 3 strategy formulation and execution exists. Distribution Market Demand 4 in rural areas is difficult as population density is low and infrastructure is poor. 4 (Moderate) Macro-economic Overview Regulations Financial Sector Telecom Sector Other Sectors Digital Financial Services Landscape MOBILE BANKING MARKET POTENTIAL Key Country Statistics Insights ▪ Population: 51 million [Source: CIA] ▪ Mobile technology has had significant positive ▪ Age distribution: 44% (0-14 years), 20% (15 -24 effects on financial access, ownership, and usage in years), 30% (25-54 years), 3% (55-64 years), 3% Tanzania, but levels of usage of digital financial (over 65 years) [Source: CIA] services in general remain low ▪ GDP (PPP): $135.5 billion (2015) [Source: CIA] ▪ DFS for agriculture still has some potential, given ▪ GDP per Capita (PPP): $2,900 (2015) [Source: limited number of applications active CIA] ▪ Policy and regulatory landscape appears favorable ▪ Urban/Rural split: 31.6% of population lives in to further development as Tanzania continues to urban areas (2015) [Source: CIA] clarify important concepts (agency, electronic ▪ Population below poverty line: 28.2% (2012), transactions etc) down from 34% in 2007 [Source: World Bank] ▪ Literacy Rate (age 15 and over can read and write Swahili, English or Arabic): 70.6% total, 75.9% male and 65.4% female (2015) [Source: CIA] ▪ Account Penetration: 40% all transaction accounts, 19% account with financial institution, 32% mobile account (2014) [Source: World Bank FINDEX] ▪ Remittance: $389 (2015) [Source: World Bank] ▪ Workforce: 26.11 million (2015) [Source: CIA] ▪ Mobile sim penetration: 55% (2014) [Source: GSMA] ▪ Unique Mobile Subscribers: 15.5 million (2014) [Source: GSMA] Macro-economic Overview Regulations Financial Sector Telecom Sector Other Sectors Digital Financial Services Landscape REGULATORY BODIES INVOLVED IN MOBILE BANKING Roles & Responsibilities Implications • In addition to BOT’s primary objective of ▪ The Tanzanian government has made pursuing domestic price stability, BOT also several political commitments to inclusion assumes several roles in the National (NFIF) and changes in the legal framework Payment System (NPS) including (1) as a can help to facilitate its implementation, user of the NPS, (2) a member of the NPS, including: (3) a provider of Payment Systems, (4) a ▪ National payment Systems Act, guardian of public interest, (5) an overseer 2015 Bank of Tanzania of the NPS and (6) a guarantor of daily ▪ Electronic Transactions Act, 2015 settlement functionality. (BOT) ▪ Payment systems Licensing and • BOT embraced new, more ambitious Approval Regulations , 2015 financial inclusion objectives in the National ▪ To participate in the mobile money business, Financial Inclusion Framework (NFIF non-banks and non-FIs must have “Trust 2014/2017) Entity,” which does not have to be a bank, • 80% of adult population using a but a dedicated separate account with a financial access point bank is required to hold e-money deposits • 70% of population living <5 km ▪ E-money issuer may engage agents, but of a financial access point issuer remains ultimately responsible for compliance with applicable laws (AML/CFT, Tanzania • The Tanzania Communications Regulatory KYC, consumer protection etc) Communications Authority (TCRA) is responsible for regulation Regulator of Communications and Broadcasting sectors in Tanzania, including MNOs. Authority (TCRA) REGULATORY FRAMEWORK, SLIDE 2 Current Regulations Implications ▪ Non-bank/FI E-money issuers are required ▪ Minimum capital requirement applies to all licensed to have a trust account and establish a e-money issuers, regardless of type of entity separate legal entity (Trust Entity) to manage a trust account [Reg 27(1)]* ▪ Banks or Fis are required to establish a E-Money Issuer dedicated and separate account and keep records of customers’ account balances [Reg 28]* ▪ Minimum capital requirement of TZS 500 million [Reg 14 (1)] ▪ Requirement to publish audited financial statements ▪ Required to publish audited financial may limit options for who can perform the function statements within 3 months of financial year of “Trust Entity” closure [Reg 33]* Trust Entity ▪ Responsible for risk management, including ▪ Meeting technical standards outlined by BOT ▪ Separate account to avoid comingling of funds ▪ Conduct annual audit of E-money issuance system, and submit proof to BOT *The Electronic Money Act, 2015 REGULATORY FRAMEWORK, SLIDE 3 Current Regulations Implications ▪ The Electronic Money Act, 2015 (Reg 35 (1)) identifies 4 categories of customers, ▪ Meeting the minimum requirements each with different AML/KYC procedures (registered phone number and registered and with different daily balance and mobile money account) permits access to transaction limits. the Tier I accounts (max single/daily ▪ Acceptable forms of photo ID include; transaction TZS 1 million and max daily KYC/AML national ID, passport, voter’s registration balance TZS 2 million) and mobile money card, social security ID, employment ID or transactions letter from ward/village executive ▪ Photo ID** required for all cash-in and cash- ▪ MNO must have AML/CFT intelligent out transactions, regardless of account type systems, auditable transaction records, AML/CFT staff, and submit STRs ▪ E-money issuers are allowed to use ▪ BOT reviews and approves agency agents, who must comply with AML/CFT agreements and consumer protection laws [Reg 36 (1)]* ▪ E-money issuer ultimately remains ▪ Reg 36 (2)* prohibits agent exclusivity responsible for compliance with applicable ▪ E-money issuer is liable for actions and laws omissions of their agents, provided the ▪ Exclusivity agreements appear not to be Agents agent acted within the scope of the agency permitted, but some sources indicate that a agreement [Regulation 37]* significant share (62%) of M-Pesa agents ▪ Retail agents require business registration, are exclusive -> possibly other commercial tax ID, tax clearance certificate, necessary incentives or tacit agreements in place business permits, bank account [Reg 39 (1)] * The Electronic Money Act, 2015 **National Identification Authority (Nida) is expected to use National Election Committee (NEC) data to accelerate progress on the biometric ID project which, as of March 2016, had only issued 2.5 million IDs Macro-economic Overview Regulations Financial Sector Telecom Sector Other Sectors Digital Financial Services Landscape FINANCIAL INCLUSION – ACCESS AND USAGE Access Ownership/Usage Key Insights • 37.4% of adults live within • Rates of ownership of various • Mobile money agents have 5km radius of a financial financial services/products made the largest contribution access point (bank among Tanzanian adults (age to increased financial access branch/ATM, MFI, SACCOS 15+) 2 • Usage of mobile financial or mobile money agent)1 • Account 39.8% services appears more • 20.2% live within 5km of a • Mobile Account 32.4% equitable, compared to bank mobile money agent1 • Debit card 11.5% and formal financial services • Penetration of financial access • Debit card (own name) which are significantly skewed points (per 100,000 adults)3 10.2% towards urban areas, males, • commercial bank • Credit card 0.7% adults age 31-60, higher branches 2.3 • Rates of usage of various income, formal employment • ATMs 5.7 financial services/products and at least secondary • 76.6% of Tanzanian adults among Tanzanian adults (age education1 had a valid personal ID, but 15+, percentage of owners) 2 • Stringent enforcement of only 5.6% had proof of • Used debit card in last AML/KYC requirements residence and even fewer year 4.3% (including proof of residency) (5%) had both1 • Used credit card in last will significantly restrain year 0.4% inclusion efforts • Usage of mobile accounts • While access to and • Of those who save formally, ownership of accounts has 21% keep savings on their increased significantly, usage mobile phones, compared to levels of electronic payments 12% in a bank1 remains low 1 Finscope Tanzania 2013; valid ID defined as a voter registration card, passport, driver’s license, valid work/staff/student identity card or a Zanzibar resident identity card; proof of residence defined as a utility bill. 2 Global Findex (World Bank, 2014) Accessed on September 26, 2016 http://datatopics.worldbank.org/financialinclusion/country/tanzania
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