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The paper analyses the response of the banking sector to the increasing levels of financial inclusion resulting from mobile money innovations. The banking sector has only 17% of financial inclusion rate, while mobile money has about 65% of financial inclusion rate of the adult population in Tanzania. Both Mobile money providers and the banks are the key stakeholders of the National Payment Systems (NPSs). While the banks are deposit-taking institutions, the Mobile Money Providers (MNOs) are non-deposit taking institutions. Through the NPS, the MNOs have increased the levels of financial inclusion. Hence, higher levels of financial inclusion come from the non-bank institutions. The question is how is the banking sector responding to the advent of mobile money? Firstly, my articles will analyze what the banks have done in terms of innovation both at the global and local levels. Secondly, it also incorporates the findings of the fieldwork research, I conducted in Tanzania. Thirdly, it continues the discussion to show the transformation of the Tanzania’s banking sector, and mobile money and other digital financial services are credited to having caused this transformation. Fourthly, it fills in the gap that exists in terms of few research works have been done to address the banking sector’s response to mobile money’s success in increasing the levels of financial inclusion in Tanzania and the world in general.

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Deogratius Joseph Mhella 997
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