Stanbic Bank Tanzania Head of Transactional Products and Services, Charles Mhina (left) addressing a press conference to launch a new suite of payment solutions – Bulk Mobile Payment and Till to Bank - designed to make cash payments and collections more efficient for organizations in Dar es Salaam on Tuesday. Looking on is the bank’s Head of Client Access, Allen Chiombola.
Convenient, fast and secure online business banking solution
Stanbic Bank Tanzania has launched a new suite of mobile payments and collection solutions designed to make cash collections and payments more efficient for organizations, as part of its efforts to offer convenient and secure banking.
Speaking at the launch event in Dar es Salaam on Tuesday, the bank’s Head of Transactional Products and Services, Mr. Charles Mhina said the game changing payment and collection offerings – Mobile Bulk Payments and Till to Bank - will guarantee the bank’s clients across various sectors enhanced service delivery, reduction of high dependence on cash and provide merchants control over their collections.
Unveiling the first-in-the-market solution dubbed Mobile Bulk Payment, Mr. Mhina said the capability will allow organizations to make online payments from their Stanbic accounts to multiple mobile wallets including Tigo Pesa, Airtel Money, Ezypesa and Mpesa at a press of a button anytime, anywhere.
He said the Mobile Bulk Payment solution will be offered on the bank’s Business Online platform, the corporate client’s equivalent of internet banking which offers corporate clients round the clock, convenient, fast and secure online banking capabilities for the efficient execution of their business transactions.
“The launch of this revolutionary solution is a demonstration of Stanbic Bank’s commitment to improve customer experience and efficiency when using our channels,” said Mr. Mhina
Speaking on the Till to Bank cashless payment product that will enable merchants to receive direct payments from Mobile Network Operators, Mr. Mhina said the offering will allow business account holders to accept Mpesa, TigoPesa and Airtel money payments from their customers through a formal Till number and funds will be instantly directed to their Stanbic Bank accounts.
“Stanbic Bank is at the forefront of innovation. Today we also introduce Till to Bank for our clients as another innovation for their convenience. Digital payment is now overtaking cash payments and we foresee majority of transactions to be cashless in the coming years. We stand at the helm of facilitating this to our clients,” he said
He explained that due to the market being cash dominated, this solution aims to reduce the receipt of payment burden businesses face on a day to day basis in receiving physical cash and to migrate customer behavior to a cashless payment environment.
About Stanbic Bank Tanzania
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets. Stanbic Bank Tanzania provides the full spectrum of financial services. It’s Corporate and Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Stanbic Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Stanbic Bank Tanzania’s personal and business banking unit offers banking and other financial services to individuals and small-to-medium enterprises. This unit serves the increasing need among Tanzania’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.
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