Tanzania towards a future of cashless economy

What you need to know:

Decreasing the cash hand to hand system in Tanzania is something that is going to require a cultural shift but technology can help to revolutionise how people see money. India has already made steps in this direction to encourage more cashless transactions between its citizens.

Currency is being innovated by the technology sector. Paper currency seems like something from yesterday, not something from the future.
Decreasing the cash hand to hand system in Tanzania is something that is going to require a cultural shift but technology can help to revolutionise how people see money. India has already made steps in this direction to encourage more cashless transactions between its citizens.
The start of the cashless revolution
Mobile money platforms from all telecom companies and mobile banking have made the cashless economy in Tanzania something that is a reality.
Cards such as credit, debit, prepaid cards and Cash cards e.g Selcom & Mimosa have also added a new dimension to the cashless world that we live in today. Bitcoins are another aspect of cashless finance as they are digital coins that you can spend online. Online payment platforms such as PayPal have enabled Tanzanians to send money to people online wherever they are in the world.
An innovative campaign to encourage more Tanzanians to be cashless has been started by a group of tech enthusiasts. Follow the hashtag #CashLessChallenge and try and see if you can buy things without paying for cash around Tanzania. Think outside of the box and see if this is possible if you can go every day without spending physical cash.
There are a myriad of options for cashless spending in Tanzania so try your luck and see if you can purchase use the cashless approach in the following ways when purchasing products or services at the following places:
•   The local cornershop near your home
•   Your taxi or bajaj transport
•   Petrol station
•   Shopping centres
•   Restaurants
•   Hotels
•   Contributions for weddings and funerals
Why the cashless revolution matters in Tanzania
Going cashless is the way to go for busy entrepreneurs and business owners because it saves plenty of time such as driving to the bank to manage financial transactions and it decreases the size of your wallet so that it does not appear bulky.
Consider going cashless to make your business life easier as well as simplifying your personal finances. Using less physical cash is also safer for personal safety instead of carrying plenty of money with you all of the time.
Want to know more about going cashless? Don’t hesitate to contact me on Twitter on @iedwn or email me at [email protected] for more information on how you can do this.