Launched just three weeks ago by Vodacom Tanzania and CBA, M-Pawa, a mobile savings scheme has hit over 250,000 accounts with over 50,000 customers making a total saving of Tshs1.2 billion.
Vodacom Tanzania’s Managing Director Rene Meza says the product has made it possible for Tanzanians who do not have bank accounts to save their money safely and borrow money at a competitive interest rate at the comfort of their homes.
M-Pawa’s simple and user-friendly menu also allows customers to save from as little as Tshs 1 and to borrow money depending on their savings and credit history. Depositing and withdrawing money on M-Pesa is completely free .
“Just like we have seen M-Pesa allow a lot more Tanzanians to be active in the economy, we believe M-Pawa will provide Tanzanians with the confidence to save their money in a more secure way and also allow them to earn interest for their savings,” adds Meza.
M-Pawa is the result of a partnership between the Commercial Bank of Africa and M-Pesa. “This great partnership allowed us to introduce this product in Tanzania in a relatively short time. We are fully committed to making this product a success and in the process continue with our transformational journey in the telecommunications industry, empowering more and more Tanzanians,” says Meza.
Vodacom Tanzania Limited is Tanzania’s leading cellular network offering state-of-the-art GSM communication services across the country. It was launched in 2000 and is a subsidiary of Vodacom Group (Pty) Limited, South Africa, which is also a subsidiary of Vodafone Group UK. Vodacom Group (Pty) Limited.
Vodacom is the market leader in Tanzania and has introduced many firsts in the Tanzanian market. Perhaps the one service that really stands out is its M-PESA money transfer service which has over 5 million active users and 55,000 M-PESA agents spread across the country. Over 200 organizations today, accept bill payment via M-PESA.