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Financial Transfer Services In Tanzania Case Study

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THE FUSION OF THE FINANCIAL AND TELECOMMUNICATIONS SERVICES.
The Past Trend And Future Scenario in Tanzania
1.0 Introduction and Background
Recently, Tanzania has witnessed a speedy growth of the financial sector and telecommunication sector. These are among the leading sectors in terms of growth in the country which also include construction, mining and construction sector to mention few. This originates from economic reforms project which started earlier in 1990s whereby the government withdrew itself from full ownership of the banks and telecommunication sector to invite the private sector to own a stake, establish new banks and telecommunication companies. Since then, financial and telecommunication sector have experienced an unprecedented growth and has fueled the economic growth and created many employment opportunities and contribute hugely to the national income of the country.
Currently, there are five big companies providing telecommunication services i.e Vodacom, Tigo, Airtel, Zantel and Tanzania Telecommunication Company Limited (TTCL) which are regulated by Tanzania Communications Regulatory Agency (TCRA). The financial sector comprises microfinance institutions, pension funds, insurance companies, banks and equity financing companies and …show more content…

Among all source of information electronic money transfer services, have shown positive contribution on the economic and social development in Tanzania both to individual people and to the government too. On the other hand electronic money transfer services has shown negative contribution on the influencing money laundry and terrorist as there are instruments designed to prevent or limit money laundry (Ant money laundry). Moreover, electronic money transfer system does not affect financial liquidity or influence

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