TZ gets new cash transfer service

Customers of three major mobile phone networks in the country -- Zantel, Tigo and Airtel -- will soon start sending money across the networks.

The cost of transferring bulk funds across commercial banks in Tanzania, Kenya and Uganda fell tremendously during the past eight months, thanks to the introduction of a new payment system.

That Tanzanians living in Kenya remitted home only $15 million against $118 million that Kenyans in Tanzania sent back to their country calls for a rethink of how to integrate our economies. These figures show a serious weakness on Tanzania’s side.

Tigo and NMB, two leading Tanzanian commercial firms in telecoms and banking industries respectively, have today February 2, 2014 launched an innovative service that enables customers of both NMB bank and Tigo Pesa services to deposit and transfer funds from their Tigo Pesa wallet to their bank account and from their bank account to Tigo Pesa through mobile phone. NMB Ag. CEO and Chief Risk Officer, Tom Borghols (center) and Tigo Pesa Commercial Manager, Ruan Swanepoel sign a...

Overwhelmed by huge debts, the management of Moshi-based co-operative society has now started selling some of its assets to pay debts running into billions.

The Controller and Auditor General’s (CAG) report on the finances of political parties, which was handed over to the Parliamentary Public Accounts Committee on Tuesday, paints a disturbing picture.

The problem of ill-gotten money stashed in overseas accounts that has been emotive in Tanzania for two years is not unique to the country since many other poor and emerging nations have always cried foul play against such looters of public funds.