Mobile Banking in Tanzania
Through a supportive partnership between The MasterCard Foundation and FINCA, an organization that works to alleviate poverty by operating a network of microfinance initiations in 23 countries, a mobile banking project was initiated in Tanzania. Since its implementation, over one-third of the FINCA clients in Tanzania now have access to and are utilizing banking services and saving deposits. Mobile banking provides many added benefits, including less travel time, timely deposits, and lowered risks associated with traveling with cash. FINCA Tanzania also worked with mobile operators to reduce the costs and provide effective transactions. Through these partnerships, The MasterCard Foundation and FINCA look forward to passing along their best approaches and lessons learned and helping other microfinance institutions effectively implement similar programming.