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Vodacom M-Pesa customers to reap US$1.5 million as interest from mobile money transactions

Vodacom M-Pesa customers to reap US$1.5 million as interest from mobile money transactions

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Digital and telecommunications company, Vodacom Tanzania PLC, has announced a bonus interest payment to its mobile money users.

According to the telco, the over eight million Vodacom M-Pesa customers will receive their share of the 3.5 billion shillings (US$1.5 million) profit accumulated on M-Pesa Trust Accounts as a benefit from using the service.

Customers who are eligible for the interest are the ones who transacted between January 1st to March 31, 2020.

Epimack Mbeteni, Director of M-Commerce, Vodacom Tanzania, said the profit will be paid to all individual customers, retail agents and other M-Pesa business partners who will receive payments basing on their M-Pesa wallet transactions.

“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 more than 100 billion Tanzania shillings (US$43.1 million) through M-Pesa each day. We are happy with the growth which is why today we can disburse 3.5 billion Tanzania shillings (US$1.5 million) in interest to our customers” he said.

Vodacom Tanzania PLC has over 11 million customers on its M-Pesa platform commanding a market share of 39% according to recent Tanzania Communications Regulatory Authority (TCRA) figures. Vodacom Tanzania PLC has so far paid out a total of 133 billion Tanzania Shillings (US$57.3 million) as interest to it’s M-Pesa customers.

Epimack added that the profit share per customers is calculated as per Bank of Tanzania (BoT) circular and will depend on the level of activity they would have had on M-Pesa for the said period.

“Distribution commenced on September 9,2020 customers can SMS the word ‘Amount’ to 15300 to find out how much interest they will receive. Upon receiving the disbursed amount, M-Pesa customers can redeem the interest via cash withdrawal, airtime or bundle purchases and transact the bonus to pay bills or purchase products” Mbeteni said.

The Vodacom M-Pesa platform is the most advanced in the country offering tailor-made products suited for the Tanzanian market which have increased financial inclusion and stimulated economic activities across the East African country.

“Over the past 12 years, we have invested in innovations where through strategic partnerships with banks and tech innovators, we have gone beyond transactions to introduce products such as M-Koba, M-Pawa, Halal Pesa, Songesha, M-Pesa MasterCard and many more. We remain committed to advancing financial inclusion and pushing for a digital economy in Tanzania.”

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