Vodacom’s M-Commerce Director, Epimack Mbeteni said in Dar es Salaam on Friday that the profit will be paid to all individual customers, retail agents and other M-Pesa business partners who will receive amounts based on transactions made via their mobile wallets.
“Our mobile money service, M-Pesa, continues to be a remarkable success story, delivering significant social and financial value to Tanzanians. We have seen substantial growth on the M-Pesa platform with more customers, agents, merchants and institutions transacting around 100bn/- each day,” Mbeteni said.
Vodacom Tanzania which is the domestic market leader, has over 11 million customers on its M-Pesa platform commanding a market share of 40 percent according to recent Tanzania Communication Regulatory Authority figures. The company has so far paid out a total of 171bn/- as interest pay out since July 2015 when BoT’s regulation on profit sharing with customers, took effect.
“In line with regulations of Bank of Tanzania, interest earned from the deposit is periodically shared with the customers. Today we are happy to share this dividend with our over eight million customers who used our M-Pesa services in the said quarter,” Mbeteni added.
The M-Pesa Director further noted that the profit share per customer is calculated as per the central bank’s circular and will depend on, among other things, the level of activity one would have had on the platform.
“We have started distributing the money to customers’ M-Pesa wallets. 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 noted.
In 2018 Vodacom M-Pesa was awarded the GSMA Mobile Money Certification (MMC) after meeting by 100 percent benchmarks set in following categories: safeguarding of customer funds, service security, safeguarding of customer data and privacy, and mitigation against money laundering, terrorist financing, and fraud risks.
M-Pesa was the first mobile money product to enter the local market in 2008 and has through innovation, played a key role in enabling the country attain over 70 percent financial inclusion, up from 15 percent in 2008.
“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,” Mbeteni stated adding that M-Pesa will remain faster, easier and more convenient and safer for businesses and individuals alike.
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