The Future of Digital Banking in Africa and Tanzania (2025–2030)
Explore how digital banking will reshape Africa and Tanzania over the next five years—mobile money growth, AI adoption, blockchain innovation, and financial inclusion.
2025-09-02 05:52:31 - ally ndimbo
Africa’s financial sector is undergoing a digital revolution, and Tanzania is one of the fastest-growing players. Driven by mobile money services, fintech innovation, and internet penetration, the next five years (2025–2030) will redefine how banking works across the continent.
- Mobile money accounts in Tanzania grew from 29.8 million in 2020 to 65.7 million by March 2025—a 120% increase in five years.
- Mobile money transactions surged by 172%, from 3.77 billion in 2020 to 10.27 billion in 2024.
- The value of mobile money payments reached TSh 198.8 trillion in 2024, a 28.5% year-on-year growth.
- Online and mobile banking accounts grew from 5.04 million in 2019 to 8.99 million in 2023, though daily active usage is still limited.
- Financial inclusion in Tanzania jumped from 16% in 2009 to 70% in 2024—a remarkable improvement.
- Rural-urban disparity persists: 85% financial service access in cities vs 55% in rural areas.
- As of March 2025, Tanzania recorded 90.4 million mobile subscriptions, with a telecom penetration rate of 133.9% (many users own multiple SIMs).
- Internet subscriptions reached 49.3 million in early 2025, most through mobile broadband.
- Expect branchless banking, account opening via apps, and biometric verification.
- Instant microloans and savings plans without paperwork will become standard.
- AI-powered chatbots supporting Swahili and English will dominate customer service.
- AI-driven credit scoring will enable SME lending and personalized financial planning.
- Blockchain-based cross-border payments will ease trade in the East African Community.
- Tanzania could pilot a Central Bank Digital Currency (CBDC), following Nigeria’s eNaira.
- Smart contracts will simplify trade financing for SMEs.
- Microloans for small businesses and farmers.
- Digital insurance, savings, and payment ecosystems.
- Investments in cybersecurity, rural connectivity, and AI-driven banking tools.
- Cybersecurity risks and fraud.
- Infrastructure gaps in rural internet coverage.
- Regulatory compliance for emerging technologies like AI and crypto.
Tanzania and Africa are on track to become digital-first banking economies by 2030. With mobile money adoption, AI integration, blockchain innovations, and expanding financial inclusion, the next five years will unlock economic growth and empowerment for millions. The success of this transformation will depend on strong infrastructure, progressive policies, and digital literacy.