Abstract
Mobile technology offers an unprecedented growth opportunity for banking industry in Tanzania. As the economy continues to prosper, increasingly affluent consumers and underbanked segments create demand for new financial products and services. Many consumers in Tanzania have mobile phones, but not bank accounts. Therefore, the mobile channel presents an effective way to connect them to the national financial grid. For the local banks, going mobile may increase banks opportunities to unlock the inherent potential of underbanked segments. This paper addresses the current state, future prospects, and security challenges to the usage of mobile banking in Tanzania.
Highlights
The developing world has witnessed the wide spread and use of mobile technology faster than any other technology in human history
The mobile devices have specialized built-in hardware, such as cameras, accelerometers, Global Positioning System (GPS) receivers, and removable media readers. They are integrated with multiple wireless communication technologies such as Wireless Fidelity (Wi-Fi), Bluetooth, Near Field Communications (NFC), and a cellular interfaces that provide network connectivity across the globe
The growing increase in the use of the mobile phone and Internet broadband services and the recent introduction fiber optic network that is interconnect with sea cable are vital factors that push toward building a unified and integrated e-payment system that will contribute to reducing the time and effort needed to perform financial transactions, pay for products and services, settle civil liabilities owed to the government, or pay water, electricity, communications and other bills
Summary
The developing world has witnessed the wide spread and use of mobile technology faster than any other technology in human history. As the result impressive surge of message services has been developed that can goes beyond personal communication needs Information such as agricultural data reports, healthcare reminders, e-mails, Internet, Short Message Service (SMS), financial transactions, and Multimedia Message Service (MMS) are becoming commonplace. Africa is leading with over 123 mobile banking deployments (i.e. 52%) They pointed out that despite the growth of registered customers, activating customer is the challenge to many service providers. According to the statistics from TCRA, the number of mobile phone subscribers has increased up to 58% with over 27 million subscribers [4] In this case mobile banking is the only available feasible means to provide mass market alternative to branch banking in Tanzania. Part five presents the discussion and the conclusion of this paper
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