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M-Pesa customers to reap TZS 4.1 billion in interest payment from mobile money transactions

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Vodacom Tanzania PLC last week Thursday announced that it will dish out a total of TZS 4.1 Billion in dividend to its M-Pesa customers who have used the service over the past year covering the period from July to September 2020. This is an increase of 4.37 percent from the last dividend payment.

The interest will be paid to M-Pesa customers, agents, super agents and M-Pesa business partners as well as retail agents who will all receive payments based on transactions made via their mobile wallets.   

“In compliance with regulations of the Central Bank of Tanzania, interest earned from the deposit is periodically shared with the customers. Today we are happy to share a dividend of TZS 4.1 billion with our over 11 million customers across the Nation. M-Pesa service continues to give significant social and financial value to millions of Tanzanians with customers, agents, merchants and institutions currently transacting around TZS 100 Billion each day,” said Epimack Mbeteni, Director of M-Pesa Ltd.

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Vodacom Tanzania PLC has so far paid a total of TZS 147.6 billion as interest pay out to its M-Pesa Customers since July 2015 when Bank of Tanzania enacted the regulation. 

The profit share per customer is calculated as per the Bank of Tanzania circular and will depend on, among other things, the level of activity they would have had on M-Pesa for the said period.

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“We have started distributing the money to customer M-Pesa wallets. Customers can SMS the word AMOUNT/KIASI to 15300 to find out how much interest they will receive. Upon receiving the disbursed amount, M-Pesa customers can redeem the interest via cash withdrawal, airtime or bundle purchases or even transact the bonus to pay bills or purchase products,” he added. 

The Vodacom M-Pesa platform is the most advanced in the country offering tailor-made products suited for the Tanzania market, which have increased financial inclusion and stimulated economic activity across Tanzania. Such products include; Songesha an overdraft facility, M-Koba a group savings account, Lipa Kwa M-Pesa allowing C2B transactions, M-Pawa a savings and loans platform and many more.

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“We will continue to lead in innovation, bringing more Tanzanians into an inclusive digital economy, increasing the number of customers using our mobile money offerings and expanding on our enterprise services, bringing more value to our customers. We will focus on strategic partnerships and maintain the widest range of services that make national and international payments and transfers faster, easier and more convenient and safer for businesses and individuals alike.” Mbeteni concluded.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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