An agreement signed in Dar es Salaam yesterday between the two banks shows that Azania Bank will become UBA’s first ‘Africash’ money transfer agent in the financial services industry in Tanzania.
The service will be provided in all branches of Azania Bank Limited and will benefit clients with or without bank accounts.
In effect, the agency arrangement means that Azania Bank customers can easily and conveniently send or receive money across all the 20 UBA-presence countries.
“This effectively enlarges the network and footprint of Azania Bank across the continent. Similarly, this arrangement also expands the reach of UBA Tanzania customers to all the 17 locations of Azania Bank in the country,” the two banks said in a statement released to the press after signing the agreement.
The banks touted Africash as the cheapest international money transfer product available to both account holders and non-account holders (walk-in) customers across Africa.
Africash transactions include cash and accounts transfer with options of paying or receiving in local currencies of all the 20 UBA African countries and USD as per applicable regulatory provisions in the countries involved, the statement said.
The 20 UBA-presence countries are Benin, Burkina Faso, Cameroon, Congo Brazzaville, Congo DRC, Cote D’Ivoire, Gabon, Ghana, Guinea, Kenya, Liberia, Mali, Mozambique, Nigeria, Senegal, Sierra Leone, chad, Uganda, Zambia and Tanzania.
The agreement was signed by UBA-Tanzania Chief Executive Officer, Mr Usman Isiaka and ABL Managing Director, Mr Charles Jackson Itembe.
Mr Isiaka said Africash money transfer service has become Africa’s fastest-growing money transfer solution across the African continent.
Mr Itembe said the introduction of Africash remittance product to all his bank’s 17 branches across Tanzania will expand the reach of its customer to all the UBA 20 African countries.