Deposits mobilized by banks rose by 13 per cent to 26bn/- during Q2, 2022 according to the Bank of Tanzania (BoT) Consolidated Zonal Economic Performance Report for June, 2022 released
The increase was partly explained by ongoing deposit mobilisation measures adopted by banks including introduction of new products, use of agent banking and digital services.
According to the Central Bank report, agent banking services improved as reflected by an increase in the number of bank agents, as well as volume and value of transactions.
The volume and value of cash deposits increased to 47.4 million transactions and 23.6bn/- respectively.
“Improvement was also observed in volume and value of cash withdrawals that grew by 47.5 per cent and 67.7 percent, respectively,”
The strong performance was attributed to increasing public awareness and integration of banking systems and mobile networks.