TTCL Launches T-Pesa Virtual Account to Boost Businesses in Tanzania

The Tanzania Telecommunications Corporation (TTCL) has introduced a digital account aimed at stimulating businesses in the country, particularly small and large enterprises. The new digital account, known as ‘T-Pesa Virtual Account,’ seeks to promote a cashless economy by facilitating online payments and digital purchases.

According to T-Pesa Director, Ms. Lulu Mkude, the digital account will play a crucial role in boosting the economy by making financial transactions easier, including sending and receiving money and paying for goods. Customers can access the digital financial services through the T-Pesa App, enabling them to participate in the digital economy with convenience.

At the launch event, Ms. Latifa Khamis, the Tanzania Trade Development Authority (Tantrade) Director General, praised the innovation made by TTCL, emphasizing that it comes at the right time when the government is moving towards reduced physical contact. The T-Pesa Virtual Account offers a smartphone-based service, making it easier for individuals and businesses to access financial services.

Ms. Khamis advised TTCL to extend its services to remote and border areas, enhancing communication network availability for more people. She encouraged the company to develop user-friendly technologies accessible to rural communities, thus stimulating economic activities and financial inclusion.

The digital account launch signifies TTCL’s commitment to revolutionizing the SME sector, providing a viable solution for individuals without bank accounts to access financial security and participate in the digital economy. Ms. Khamis also highlighted the positive impact of the system on the economy, financial sector, and investment promotion in the country.