Tanzania Wallet Market (2024-2030) | Growth, Forecast, Value, Companies, Outlook, Revenue, Trends, Analysis, Size, Industry & Share

Topics Covered in Tanzania Wallet Market Report

The Tanzania Wallet Market Report thoroughly covers the market by product type, material, gender, and distribution channel. The Tanzania Wallet Market Outlook report provides an unbiased and detailed analysis of the ongoing Tanzania Wallet Market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Tanzania Wallet Market Synopsis

The Tanzania Wallet Market is one of the most prominent markets and it is projected to attain significant growth during the forecast period attributed to the many factors such as introduction of mobile wallet services, increasing usage of mobile phones and the widespread adoption of mobile money services in the country.

According to 6Wresearch, the Tanzania Wallet Market size is anticipated to rise at a CAGR of 15.8% during 2024-2030. The introduction of mobile wallet services in Tanzania has been one of the critical drivers of the wallet market in the country. According to the World Bank, Tanzania had over 25 million mobile money accounts in 2019, with over USD 50 billion worth of transactions. With the increasing usage of mobile phones and the widespread adoption of mobile money services, the Tanzania Wallet Market is set to grow further, presenting a massive opportunity for financial technology innovators. Another significant driver is financial inclusion. According to data from the Financial Sector Deepening Trust (FSDT), around 65% of Tanzania's population is classified as unbanked or underbanked, limiting their access to financial services. The increase in mobile money services has led to a rise in financial inclusion, making it possible for more people to access financial services that would have ordinarily been unavailable to them. These factors are leading to the Tanzania Wallet Market Growth.

The Tanzania Wallet Market is still new and developing, and it is facing some challenges. One noteworthy challenge is internet connectivity, which is essential to access mobile financial services. Although the overall mobile penetration rate in Tanzania is high, not every region in the country has access to high-speed internet. Also, internet connectivity is expensive, especially for the low-income audience that these services primarily target.

Wallet Market in Tanzania: Key Players

The Tanzania Wallet Market has many players, both local as well as international. MTN's Mobile Money and Airtel Tanzania's Airtel Money are the two most substantial players, with Vodacom's M-Pesa following closely. These companies have invested in mobile money and other digital financial services such as prepaid cards and insurance, meeting the different needs of the Tanzanian market.

Tanzania Wallet Industry: Government Initiatives

The Tanzanian government has played a significant role in shaping the Tanzania Wallet Market by investing in infrastructure developments that boost the growth of mobile money services. For example, the Tanzania Communications Regulatory Authority (TCRA) has established guidelines to regulate mobile financial services provided by telcos in the country. Additionally, the government has made efforts to increase financial literacy programs, demystify mobile money, and increase adoption.

Market Segmentation by Product Type

According to Sumit, Senior Research Analyst, 6Wresearch, in the last few years, the Tanzania wallet market has seen a significant rise in the popularity of Long Wallets. The people of Tanzania prefer Long Wallets since they are more spacious as well as functional. With the growing trend of using smartphones and other gadgets, people look for wallets that can fit all their essentials, and the Long Wallets provide precisely that.

Market Segmentation by Material

Leather wallets have long been a staple in Tanzania's wallet market, offering durability and a timeless look. However, in recent years, the fabric wallet market has seen a surge in popularity.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Tanzania Wallet Market Outlook
• Market Size of Tanzania Wallet Market, 2023
• Forecast of Tanzania Wallet Market, 2030
• Historical Data and Forecast of Tanzania Wallet Revenues & Volume for the Period 2020 - 2030
• Tanzania Wallet Market Trend Evolution
• Tanzania Wallet Market Drivers and Challenges
• Tanzania Wallet Price Trends
• Tanzania Wallet Porter's Five Forces
• Tanzania Wallet Industry Life Cycle
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Product Type for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Short Wallet for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Long Wallet for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Material for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Leather for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Fabric for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Gender for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Men for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Women for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Kids for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Distribution Channel for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Online for the Period 2020 - 2030
• Historical Data and Forecast of Tanzania Wallet Market Revenues & Volume By Offline for the Period 2020 - 2030
• Tanzania Wallet Import Export Trade Statistics
• Market Opportunity Assessment By Product Type
• Market Opportunity Assessment By Material
• Market Opportunity Assessment By Gender
• Market Opportunity Assessment By Distribution Channel
• Tanzania Wallet Top Companies Market Share
• Tanzania Wallet Competitive Benchmarking By Technical and Operational Parameters
• Tanzania Wallet Company Profiles
• Tanzania Wallet Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product Type

• Short Wallet
• Long Wallet

By Material

• Leather
• Fabric

By Gender

• Men
• Women
• Kids

By Distribution Channel

• Online
• Offline