Following a competitive tender, Novatti has been appointed to supply a mobile money and mobile banking platform for Tanzania Telecommunications Company Limited (TTCL) in Tanzania.
The Novatti platform will enable TTCL to enter the already competitive but highly lucrative mobile money marketplace. TTCL is the oldest and largest fixed-line telecommunications company in Tanzania. TTCL is a partially privatised government entity. TTCL plan to increase their capabilities by adding mobile services, associated mobile money, and mobile banking systems to their existing services. The new service will be called T-Money and will be available to all TTCL subscribers (prepaid and post-paid).
According to a recent Financial Sector Deepening Trust (FSDT) survey in Tanzania, in just four years, from 2009 to 2013, the usage of non-bank formal financial services, mainly mobile financial services, increased from just under 7 per cent to almost 44 per cent, bringing the rate of financial inclusion from around 16 per cent to close to 58 per cent. At the end of September 2013, the Bank of Tanzania reported over 30 million registered mobile money users.
Peter Cook, CEO of Novatti commented: “We’ve been delivering payment products and solutions to both government and private organisations for nearly 20 years. The TTCL project provides an example of our state-of-the-art payment and mobile banking platform and shows our strong understanding of building robust mobile money systems.”
Novatti will initially deploy the mobile money platform followed by mobile banking. TTCL and Novatti will continue to work together to provide improved mobile and alternate payment accessibility for TTCL subscribers in Tanzania.