Why Tanzania’s digital wallets hold the key to national wealth

The real question is, can each tap do more than just move money? Can it steadily improve a family’s cash flow or a trader’s ability to restock and grow?

In 2024, about 108 billion mobile money transactions worth over $1.68 trillion took place globally. Volumes were up by roughly 20 percent and values by 16 percent year-on-year, showing that digital payments have become the norm for billions.

The ecosystem is also deepening where it matters: merchant payments reached about $105 billion (up 21 percent), while bank to mobile and mobile-to-bank transfers climbed to $127 billion and $125 billion, respectively.

This is evidence that wallets, banks, and the digital economy are finally talking to each other every day and none can exist in isolation.

Africa is not riding the wave; it is creating it. Sub-Saharan Africa accounted for about two-thirds of global merchant payment value via mobile money last year and led the rebound in bill payments and bulk disbursements—clear signs that digital payments are carrying salaries, utilities, and everyday commerce rather than one-off transfers.

Even on cross-border flows, more than 70 percent of mobile-money remittances were anchored in the region. The implication is straightforward: when rails intersect with real use cases, velocity becomes resilience.

Tanzania reflects this progress, The Bank of Tanzania (BoT) National Payments Report for 2024 shows that mobile payment transactions rose 26.7 percent to 6.41 billion and their value increased 28.5 percent to Sh198.86 trillion. Usage is expanding beyond person-to-person transfers.

Merchant transactions reached 1.74 billion worth Sh26.60 trillion, and the merchant base grew sharply. This is what a cash-lite economy looks like: more convenient payments, digital receipts, fewer delays, and clearer signals for lenders and suppliers.

Building broader financial pathways

Interoperability is now central to everyday money management. In 2024, bank-to-wallet transfers rose 41.9 percent in value to Sh11.30 trillion and wallet-to-bank increased 32.7 percent to Sh3.60 trillion.

At the same time, the smartphone base grew to more than 23 million, broadening the reach of QR codes and Lipa Kwa Simu (pay-by-phone acceptance).

The GSMA State of the Industry Report on Mobile Money 2025 shows that digital savings also grew to Sh1.21 trillion globally—a small but telling shift from mere access to early signs of financial health. 1

Still, dividends are not automatic—Working capital often arrives at the wrong time and for the wrong duration. Some merchants accept QR at midday and cash out by evening, losing the data trail that could secure better terms tomorrow. Product design must match real cash flows.

A rider needs limits that grow with verified receipts and repayment aligned to busy days. A mama lishe needs small, automatic savings each morning and a clear goal for school fees. When payments, nudged savings and short-cycle credit live in one simple app, volatility falls, and investable cash appears.

Tanzania’s task now is to show how they deliver more than movement. Publishing simple indicators of financial health, savings consistency, shock absorption and small-business survival.

This will help the whole ecosystem focus on what works. It would also make it easier for regulators, policy makers and providers to align outcomes that matter, balances that last, credit that fuels growth, and fewer minutes lost to paying bills.

At Mixx, we measure progress the same way. We are embedding security into every journey and simplifying user education so trust becomes invisible infrastructure.

With the rails ready, the next dividend is clear: turn every transaction into a small, reliable gain and every gain into wealth.

Angelica Pesha is Chief Executive Officer, Mixx