Tanzania has recorded a rapid increase in digital savings over the past five years. The National Payment Systems Report shows that the value of digital savings in the country rose from Tsh 494.82 billion in 2021 to Tsh 3.1 trillion in 2025. The trend has been steadily upward, with values recorded at Tsh 696.36 billion in 2022, Tsh 1.09 trillion in 2023, and Tsh 3.18 trillion in 2024.
The report also notes that transaction volumes increased from 46.47 million in 2024 to 97.53 million in 2025. Mobile money platforms are identified as the main drivers of this growth, providing accessible channels for Tanzanians to save.
The trend reflects a cultural shift already emerging as digital technology becomes more widespread. For example, while the Finscope 2023 report indicated that most Tanzanians still relied on informal saving methods, mainly keeping cash at home, digital savings through mobile phones and dedicated mobile wallet savings products were noted as beginning to gain traction.
Financial expert CPA Jackson Mmari, who works for Wajibu Institute, told The Chanzo that one of the most significant impacts of digital platforms is a cultural and behavioral shift toward saving.
“In Tanzania, we still haven’t developed a strong culture of saving. Saving requires commitment, but the conscious decision to save is still relatively weak among many people,” Mmari told The Chanzo.
“That’s where these digital platforms come in. Some have even introduced features that automatically set aside a small amount from your transactions as savings,” he said.
While economists argue that savings are essential for generating investment in any economy, various studies indicate that many Tanzanians still save mainly for immediate survival needs. However, even within this context, evidence suggests that the saving culture remains relatively weak.
“Digital savings platforms help people who struggle with the commitment to save by making it easier for them to achieve their financial goals. They are beneficial and have contributed to the gradual growth of a saving culture,” Mmari argued.
Analysts argue that the next phase of sustaining this momentum is critical for a lasting cultural shift. Beyond policy and technological innovation aimed at improving convenience and user experience, trust in the system is seen as a key factor in ensuring continued adoption.
“Culture is built on trust. Sustaining this momentum will depend on ensuring that digital payment systems remain reliable, affordable, secure, and easy to use,” said Asha Abinallah, Chief Executive Officer of Tech & Media Convergency, an organization that advocates for the adoption of digital technologies to bridge the digital divide.
“If users experience fraud, hidden charges, or poor consumer protection, confidence can erode quickly. The long-term success of Tanzania’s cash-lite economy will therefore depend as much on maintaining public trust as it does on technological innovation,” she added.
Experts also note the need to move to the next stage in building a strong saving culture, as many current digital savings products still operate like regular transactional accounts.
“These digital platforms are still too relaxed when it comes to withdrawals. Saving is not supposed to be something you can easily access; it shouldn’t be like a normal account. It should be an account that is kept out of easy reach,” CPA Jackson Mmari argued.
“But you’ll notice what many of these digital savings platforms are proud of, and even use as a marketing tool, is the ease of withdrawing your money. Instead of highlighting the benefits you will gain from saving your money, they focus on how easy it is to access it. This should be changed, for a sustained cultural shift,” he added.
To further strengthen this cultural shift, the Bank of Tanzania is also sharing social-media-friendly messages online to promote financial literacy and encourage saving habits.
