NEW PAYMENT MODE PLANNED

National Microfinance Bank (NMB) Managing Director, Ineke Bussemaker

Dar es Salaam. The Tanzania Bankers Association is in a process of establishing a single-payment system. By so doing, it will enable customers to access payment in any bank regardless of where their accounts are registered.

National Microfinance Bank (NMB) managing director Ineke Bussemaker said during a ceremony to launch the World Bank’s 9th Tanzania Economic Update here that members of the association met two weeks ago and came up with the decision aimed at increasing financial inclusion. ”We are planning to set up a national payment switch where any person can access payment in any bank.”

According to her, at least three months of preparations are needed on how the process will work.

Meanwhile, National Microfinance Bank managing director Ineke Bussemaker said services had been expanded as 60 per cent of the population had access to mobile banking while 15 per cent own bank accounts. 

She said NMB come up with products that were beneficial to women. They include accessing loans through their Vicoba. 

NMB’s agents have also doubled since last year, the bank’s alternative channels head George Kivaria said at a separate event here yesterday.

“With the number of agents now 2,000, we are optimistic that we will bring services more closely to our customers while creating simplicity and convenience to them,” noted NMB alternative channels head George Kivaria, adding that plans are underway to increase the number of agents to 3,000 by the end of this year.

NMB agency banking manager James Manyama hopes the move will enable unbanked and under-banked people to access financial services close to them and minimise the distance they can travel to access NMB branches.

Source: The Citizen