Global financial technology (Fintech) company, Unlimit, has expanded its offerings for Tanzanian businesses with the integration of the country’s three leading mobile money service providers; M-Pesa, Airtel Money, and Mixx by Yas.
The trio control about 90 per cent of the market share, with the customer base of M-Pesa at 60 million, Airtel Money at 41.5 million, and Mixx by Yas at 20 million.
A statement made available to Business Post said this strategic move addresses the unique financial landscape of the region, where a significant portion of the population still remains unbanked, giving them access to a comprehensive suite of national, regional, and global payment methods.
Tanzania is quickly emerging as a regional digital payments hub, with the annual transaction value of its mobile money market now exceeding $80 billion. This shift comes as cash payments become less common and total digital transaction volumes surge, with Unlimit recording a 76% increase between 2023 and 2024.
The expansion of Unlimit’s services in Tanzania follows their successful launch into the nation in Q2 2024, with the receipt of their Bank of Tanzania licence and the opening of a regional office.
The integration of these mobile-money services expands Unlimit’s existing Tanzania offerings and underscores its commitment to supporting merchants with a wide range of payment options across Africa.
These include local and international cards across Africa, such as Visa and Mastercard, and Verve in Nigeria; mobile money solutions such as M-Pesa and Airtel Money in East Africa; USSD payments in Nigeria; as well as bank transfers through all regional banks.
The chief executive of Unlimit, Irene Skrynova, while commenting on the development, said, “Tanzania is one of the fastest-growing economies of the decade, and it’s now entering a new era of digital payments maturity.
“By continuously expanding our services and integrating dominant local payment methods, we ensure that both banked and unbanked users are fully supported.
“This positions us to seamlessly enable international brands to enter and scale in this thriving market, while empowering Tanzanian businesses to connect with their target audiences effortlessly.”