Zantel Tanzania, a telecommunications company owned by Etisalat of the United Arab Emirates, has launched the “Ezy Pesa” mobile payment service, a re-branded version of its Z-Pesa service. The upgrades from Z-Pesa include the ability for employers to use the service to pay their employees’ salaries and for customers to access their Cooperative Rural Development Bank (CRDB) bank accounts. CRDB is a commercial bank in Tanzania with total assets of USD 1.54 billion.
In addition, Ezy Pesa offers microinsurance policies that cover accidental death or permanent disability. For daily premiums of TZS 150 (USD 0.09) or monthly premiums of TZS 4,500 (USD 2.8), the policies provide holders coverage up to TZS 3 million (USD 1,855). Zantel Tanzania provides this insurance service, known as Farijika insurance, in partnership with the National Insurance Corporation Tanzania Limited.
Zantel Tanzania, which has 1 million mobile phone customers, introduced Z-Pesa in 2008. Other mobile money providers in Tanzania include: Airtel Money by Airtel Tanzania, M-Pesa of Vodacom Tanzania and Tigo Pesa by MIC Tanzania. Zantel Tanzania expects to add 1,000 new Ezy Pesa customers over the next few weeks and seeks to have one million customers by year end.
By Courtney Snelling, Research Associate
About Zantel Tanzania: Zantel Tanzania, also known as Zanzibar Telecom Limited, was established in July 1999 and is one for four major telecommunications companies in Tanzania. Etisalat, a large telecommunications corporation fromUnited Arab Emirates owns a majority stake in Zantel. Zantel has one million subscribers.
About Cooperative Rural Development Bank: Cooperative Rural Development Bank (CRDB) is a commercial bank in Tanzania that provides banking services to individuals and small, medium-sized and large corporate clients. As of December 2010, CRDB had total assets of USD 1.54 billion and shareholders’ equity valued at approximately USD 162 million. CRDB Bank stock is traded on the Dar es SalaamStock Exchange.
Sources and Additional Resources:
The Citizen.co.tz, “Zantel re-launches mobile cash service as competition toughens” January 26, 2012. http://thecitizen.co.tz/business/13-local-business/19249-zantel-re-launc…
MicroCapital.org Event, “MICROFINANCE EVENT: Mobile Money Connected Africa Forum Conference & Expo, May 14-17, 2012, South Africa” February 19, 2012, https://www.microcapital.org/microfinance-event-mobile-money-connected-af…
MicroCapital.org Event, “MICROCAPITAL BRIEF: Microinsurance Network Opens Membership Registration for 2012, February 14, 2012, https://www.microcapital.org/microcapital-brief-microinsurance-network-op…
Zantel.co.tz, Press Release, “Zantel Re-Launches Its Mobile Money Services”, January 25, 2012, http://www.zantel.co.tz/press_release/PR%20ZANTEL%20-%20Ezy%20Pesa%20Lau…
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