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Explain why Tanzanian use mpesa at mobile phones transaction and saving?
Edward Mulyalya
Jan 25
Explain why Tanzanian use mpesa at mobile phones transaction and saving?
Especially
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Jan 25
Tanzanians use M-Pesa for mobile phone transactions and savings due to several reasons:
1. Accessibility: M-Pesa provides a convenient and accessible platform for financial transactions, especially in areas where traditional banking services are limited. It allows people to send and receive money, pay bills, and make purchases using their mobile phones, eliminating the need for physical cash or visiting a bank branch.
2. Cost-effectiveness: M-Pesa offers a cost-effective alternative to traditional banking services. It eliminates the need for physical infrastructure like bank branches and ATMs, reducing operational costs. This cost-effectiveness is particularly beneficial for low-income individuals who may not have access to or can't afford traditional banking services.
3. Security: M-Pesa transactions are highly secure, reducing the risk of theft or loss associated with carrying physical cash. The system uses encrypted technology and requires personal identification numbers (PINs) for transactions, ensuring the safety of users' funds.
4. Financial inclusion: M-Pesa has played a significant role in promoting financial inclusion in Tanzania. It has allowed individuals who were previously unbanked or underbanked to access financial services. This has empowered people to save money, access credit, and engage in formal financial activities, ultimately contributing to poverty reduction and economic development.
5. Convenience: M-Pesa transactions can be done anytime and anywhere, as long as there is a mobile network connection. This convenience is particularly beneficial in rural areas where physical bank branches may be far away or inaccessible. Users can easily send money to family members, pay bills, or make purchases without the need to travel or stand in long queues.
Overall, M-Pesa has revolutionized the way Tanzanians conduct financial transactions and save money by providing a secure, accessible, cost-effective, and convenient platform for mobile phone-based financial services.
1. Accessibility: M-Pesa provides a convenient and accessible platform for financial transactions, especially in areas where traditional banking services are limited. It allows people to send and receive money, pay bills, and make purchases using their mobile phones, eliminating the need for physical cash or visiting a bank branch.
2. Cost-effectiveness: M-Pesa offers a cost-effective alternative to traditional banking services. It eliminates the need for physical infrastructure like bank branches and ATMs, reducing operational costs. This cost-effectiveness is particularly beneficial for low-income individuals who may not have access to or can't afford traditional banking services.
3. Security: M-Pesa transactions are highly secure, reducing the risk of theft or loss associated with carrying physical cash. The system uses encrypted technology and requires personal identification numbers (PINs) for transactions, ensuring the safety of users' funds.
4. Financial inclusion: M-Pesa has played a significant role in promoting financial inclusion in Tanzania. It has allowed individuals who were previously unbanked or underbanked to access financial services. This has empowered people to save money, access credit, and engage in formal financial activities, ultimately contributing to poverty reduction and economic development.
5. Convenience: M-Pesa transactions can be done anytime and anywhere, as long as there is a mobile network connection. This convenience is particularly beneficial in rural areas where physical bank branches may be far away or inaccessible. Users can easily send money to family members, pay bills, or make purchases without the need to travel or stand in long queues.
Overall, M-Pesa has revolutionized the way Tanzanians conduct financial transactions and save money by providing a secure, accessible, cost-effective, and convenient platform for mobile phone-based financial services.
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