The use of mobile banking has increased substantially in the past few years and appears likely to continue to increase as more consumers use phones of which most financial institutions offer mobile banking. However, integrating mobile banking saves low income customers in rural areas that can reach services such as payments, transfer, insurance and credits. The objective of this study was to examine the challenges and opportunities faced by the banks and mobile telecom companies. Sample size of 200 respondents were used (25 bank officers (CRDB, NMB, NBC, DTB, EXIM) and 20 Mobile staff companies (Vodacom, Tigo, Airtel, Halotel) as well as 155 customers). Questionnaires and interviews were used to collect data while on analysis, SPSS were employed to analyze the data. The findings show technology is still a main barrier in rural areas where mobile networks are of great problem and the study recommends that professional development to improve rural areas on the use and awareness of the technology. Moreover, the study recommended the policies to be developed which might favor the users of the mobile banking system while training will be of paramount for development the sector.