Boss Money enters Tanzania market, simplifying international money transfers

Dar es Salaam. The increasing presence of global economic opportunities has resulted in people traveling from different countries, either for work or permanent residence.

For instance, it is common nowadays to see East African people from countries like Kenya, Uganda, or Rwanda working in Tanzania, and Tanzanians doing the same, while still sending money to their families and dependents without the hassle.

This situation has led to the need for the growth of technological services for international money transfers, aiming to facilitate people's financial activities in their current locations and, more importantly, to address the challenges that previously forced people to travel or use buses to send money for their loved ones. 

The recent 2023 Finscope Tanzania report, assesses the demand, accessibility, and usage of financial services in Tanzania mainland and Zanzibar Island. It has unveiled that 75% of adults in Tanzania own mobile phones, leading to an increase in the usage of mobile financial services.

The report further states that 89 percent of Tanzanians live within approximately 5 kilometers of financial service access points. It also highlights that due to many people having seasonal or occasional incomes hence still rely on being sent money or being supported by close relatives, with the rate reaching 26 percent.  

One of the convenient ways that have emerged to simplify sending and receiving money is through technology companies that enable digital financial services to millions of people globally. In today's world, companies can be established in one country while serving multiple nations at the same time.

IDT Corporation is among those technology and communication companies, based in the United States, which offers various financial services, including its flagship product, Boss Money, for international money transfers.

Boss Money Africa is currently available in countries such as Rwanda, Uganda, Kenya, and now in Tanzania, Ghana, and Zambia, which were recently added, with many more countries expected to be connected soon.

Explaining the objectives of their product, the Director of Operations for IDT Corporation in Africa, Ms. Grace Anyetei, said they have rebranded Boss Money App, which was formerly known as Leaf Wallet.

“The aim is to make it easier, more efficient, and cost-effective for people to send and receive money across different parts of Africa. Our objective is to empower and connect families and businesses anywhere without disrupting other activities."

She added:  The number of Tanzanians using the internet is now more than 21 million, with a usage penetration of over 31 percent in 2023. This indicates that the country offers opportunities to benefit from digital products and services, including digital banking and financial solutions. Gone are the days when people were cautious to work abroad due to challenges in sending money to their families and friends. The Boss Money App has shown remarkable success in across Africa before entering Tanzania. To date, we have more than 50,000 customers across Africa. We launched Tanzania a few months ago and since our recent inception in Tanzania, we have acquired just under 10,000 users, and we expect this number to grow from time to time.

Despite the presence of tons of technology companies globally, there is still a significant gender gap in tech involvement compared to men.

"A few years ago, there was a misconception that technological jobs were more suitable for men, which resulted in fewer women participating in this sector. Currently, we see a wave of changes across Africa, though the numbers are still low, with approximately 26% of female founders in the technology sector receiving various forms of funding," explained Ms. Anyetei.  

She continued, "Women should become more involved in technology opportunities, both in leadership and in development roles, as they bring positive perspectives to this sector. I believe that women have inherent knowledge and great potential, which are valuable assets in business, especially in providing solutions and excellent services in the technology sector."

Speaking about the inspiration behind the launch of the Boss Money App, Ms. Anyetei reiterated, "One of the motivating factors for the establishment of our Boss Money product was to provide a solution for refugees, especially women, crossing borders and needing a safe way to send money to their families back home. As the company grew, our service solution shifted towards targeting women in cross-border businesses. Currently, our service enables people to send money using different currencies easily, including through mobile phones, making it accessible to all genders, women, and men."

Despite the growth of the technology and communication sector across the country, there are still factors that hinder many Tanzanians from benefiting from the advantages that come with digital products, such as power shortage and the cost of electronic devices.

"We acknowledge that power shortage and the cost of electronic devices significantly contribute to the poor penetration of technology. However, these should not be barriers to hinder technological growth. We have real-life examples of mobile financial services using USSD technology, accessible on basic 2G network mobile phones, which are widely available not only in Tanzania but also in the rest of the East African region and worldwide. I believe that technology companies can provide solutions to various challenges faced by our society and bring substantial benefits. The increasing consumption of technology is directly related to the cost of electronic gadgets that most people cannot afford. It will take time to fully achieve equality in access to service that benefits all people, this can be addressed through partnerships between the government and private sectors," concluded the Director of Operations for IDT Corporation in Africa.