Browsing: Fintech Tanzania

  • Nigeria is the region’s top remittance receiver with US$17.6
  • Kenya is East Africa’s leading remittance receiver with US$3.7 billion
  • Remittance flows to Tanzania have been growing over the past years

Remittances to Tanzania just got a shot in the arm as two companies, Nala and Selcom, set the stage for seamless and cost-effective inbound remittance flow to Tanzanians’ mobile wallets.

The partnership inked at Selcom’s premises in Dar es Salaam comes after an increasing inflow of cash to Tanzania from the United Kingdom and the United States diaspora.

The newly inked deal comes to complement Tanzania’s government efforts to incorporate the diaspora’s collective aspirations to propel Tanzania’s economic growth.

According to Tanzania’s Ministry of Foreign Affairs and East African Cooperation, the value of diaspora remittance went up by 42 per cent, equivalent to around US$570 million, up from US$400 in 2020.

The two tech-driven companies have stepped up to bridge …