This means that the two-year-old company has been able to leapfrog some of the players who have been in the market for over ten years.
Halotel reaches double-digit market share in Tanzania.
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It had a total of 1 million subscribers on its Halo Pesa platform, up from 600,000 active subscribers in last January.
The monumental growth, TCRA stated, was enough to turn Halotel’s Halo Pesa into one of Tanzania’s four most preferred mobile e-wallets in a market of a total six players.
Halotel’s management attributes the growth to the massive investments that the company has made during the two years of its operations in the country.
In Tanzania, there are over 40 million subscribers using a mobile money platform, generating 95 million transactions every month with the total value of US$1.6 billion. Specifically, 32% of Tanzania’s population use mobile e-wallets for daily transactions, while only 2% have bank accounts.
Last year, Halotel has won the international Stevie Award 2017 as the fastest growing enterprise in the Middle East and Africa, thanks to its US$800-million investment in the country. The company boasts of building one of the largest telecommunications infrastructures in Tanzania, helping it to cover almost 90% of the population.
Since its appearance in Tanzania in October 2015, in less than 3 months, Halotel had managed to reach 1 million subscribers and went up to 2 million subscribers in the next 9 months.
This was the highest grow rate among all of Viettel’s markets (including Vietnam and abroad), said Nguyen Van Son, Halotel Deputy Managing Director at the award ceremony.
The International Business Awards (Stevie Awards) is one of the world’s leading annual awards to honor the achievements and positive contributions of businesses and individuals around the globe to the benefit of the community, including IT and telecommunications. To be honored, candidates undergo a scrutiny of 200 judges who are mostly chief executive officers and world-renowned entrepreneurs.
