MASTERCARD SET TO EXPAND FOOTPRINT IN TANZANIAN MARKET

TANZANIA’S National Microfinance Bank (NMB) will roll out 1.5 million MasterCard payment cards, a programme that is expected to help reduce dependency on cash and increase financial inclusion.

NMB chief executive officer Mark Wiessing said the bank will issue EMVChip and PinMasterCard prepaid, debit and credit cards in the country over the next seven years. The cards will feature MasterCard’s contactless technology, which allows consumers to make fast, secure and more convenient payments.

“We have combined MasterCard’s global payment technology with NMB’s dominant network of 170 branches, over 70,000 e-Money cashpoints and the largest ATM network to give consumers more convenient, secure and reliable ways to pay,” said Daniel Monehin, MasterCard Division president for sub-Saharan Africa.

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NMB cardholders will be able to use their MasterCard payment cards to withdraw money from ATMs that accept MasterCard globally. They can also pay for goods and services at retailers, fuel stations, restaurants and online shops.

Progressive approach

According to a recent MasterCard study, A Progressive Approach to Financial Inclusion, 37.8 per cent of Tanzanians own a payment product, with the number of excluded citizens having been halved since 2009.

“The country has in the recent past made excellent progress in extending financial inclusion and financial services to the under-served, through the government’s supportive and regulatory policies and partnerships like this, which help the country reach its 50 per cent target by 2016 as set by the National Financial Inclusion Framework,” he said.

Financial inclusion

“By working together with the government, financial institutions, merchants and businesses, we will be able to help modernise the payment industry in Tanzania, reduce cash usage, deepen financial inclusion and enable more consumers to participate in the global economy,” he added.

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NMB says it will also introduce the World Rewards card, a premium MasterCard product, to its affluent customers, many of whom are frequent travellers. World Rewards cardholders will be able to earn loyalty points on their card spending, which can be redeemed for flights, car rentals and hotel stays.

The East African