How digital finance can slowdown the spread of COVID-19

What you need to know:

Since the outbreak of COVID-19, people across the country have taken various steps to tackle the virus and slow the number of infections.

Since the outbreak of COVID-19, people across the country have taken various steps to tackle the virus and slow the number of infections.
From closing schools, shutting hotels, and banning mass gatherings including the country’s Union Day celebrations, efforts are being made to keep people safe and healthy.
Meanwhile, Tanzania is increasingly turning towards digital finance as another method to help slow the spread of COVID-19. One example is the use of mobile money to make payments, therefore removing the need to make physical transactions between people.
Within the past few years, mobile money has been an important way for people to manage their finances.
Mobile money has emerged as a reliable and popular way of transferring money, with 2019 seeing the number of mobile money users increase by over 2 million compared to the year before, with nearly 23 million users.
Following The World Health Organisation’s recommendation that people turn to cashless transactions, mobile money has become an increasingly important way for people to carry out their day to day lives while helping to slow the spread of the virus.
There are, of course, many benefits of going cashless: mobile money is convenient and does not require people to visit banks or ATMs to withdraw or deposit cash.
Meanwhile, mobile money is also becoming a more effective and safe way for transferring money from within Tanzania and beyond.
For example, this week saw Tigo Tanzania announce a new service allowing its mobile money users to send and receive cash in their mobile money wallets from major mobile money services across the East African region, including in Kenya, Uganda and Rwanda.
In these uncertain times, it is good to see Tanzania’s telecom providers working to create digital solutions to help people to continue to transfer money to support their families or their businesses.