TCRA, BoT sign agreement to regulate mobile money services

11 Feb 2011

Tanzania Communication Regulatory Authority (TCRA) has signed a memorandum of understanding (MoU) with the Bank of Tanzania (BoT) to regulate mobile money transfer services in the country. The African nation has experienced strong uptake of m-payments, due in part to limited access to formal banking services. Local press say the MoU is designed to provide a mechanism for regulatory and supervisory coordination between the two bodies. While the central bank will regulate financial transactions, the TCRA will focus on communications infrastructure.