The People’s Bank of Zanzibar (PBZ) plans to introduce mobile money transfers (Z-Pesa by Zantel), due to the increase in the number of mobile money users and transfers.
“The installation of the mobile system has been completed and what remains is finalization of some logistics with regulatory bodies,” said Juma Hafidh, Director of Marketing and Business Development at The People’s Bank of Zanzibar.
He added that the PBZ network is largely expanding and new branches will be opened in areas such as Mwanza and Arusha all in Tanzania and later they will open in Mbeya before the end of the year 2012.
The simplified use of mobile financial services in the country has been a noteworthy trend in formalizing mobile money transactions without directly involving the individual in using the system.
It was noted that the total value of transactions increased, with volume increasing to 38,128,821 from 39,528, respectively.
He added that this move will continue to facilitate banks and telecom network operators to develop mobile banking networks through a payment policy partnership.
People’s Bank of Zanzibar (PBZ) is a commercial bank in the Republic of Tanzania and it has been licensed by Bank of Tanzania – a national regulator in Tanzania.