As competition among banks becomes stiff, NMB Bank has launched hassle free and simple mobile enhanced account opening package, to ease access to banking services and products by the un-bankable population, in a bid to accelerate financial inclusion in the country.
The accessibility of banking services and products in the country grew to 16.7 per cent last year from 14 per cent in 2013, the FinScope Survey 2017 report has shown.
The Bank of Tanzania (BoT) Deputy Governor, Dr Bernard Kibese said in Dar es Salaam, yesterday, during the launch of the package that the new NMB products will open a window for more financially excluded rural population, to access and benefit on banking services and products.
“I commend NMB for capitalising on the fastgrowing mobile tech to design appropriate and affordable products and services to help common people open bank accounts instantly, using a mobile device without visiting a branch,” he said, while challenging other players to follow the footsteps.
He added, “Technology must enable simple and affordable initiatives but products and services should come from customers.
This can drive up meaningful financial inclusion where people benefit from both banking and mobile money services,” The new way of account opening has done away with paperwork, unbearable monthly charges, visiting branches and customers will enjoy 5 per cent interest rates.
The mobile phone users will be able to open bank accounts through NMB USSD and NMB Klik Application with their mobile number becoming bank account number.
Thereafter, a customer has up to 90 days to know your customer verification.
He said banks in the country need to be innovative and offer services that respond to customers’ needs and interests; use them to transform their economic activities into higher yielding an instrument to fight poverty.
This initiative, Dr Kibese underscored, calls for intensive research by banks on customers’ profiles particularly those in the rural areas in order to design products and services that suit their environment.
“NMB bank has shown the way and changed the trend through use of Fintech to design banking products and services that answer the needs and interests of the financially underserved rural population,” he noted.
Dr Kibese said BoT is always available to support NMB efforts and other banks in innovating products and services to enhance cashless society.
“Running cashless economy is one of the major focuses of the central bank,” he emphasized.
Other products launched yesterday were NMB transaction app and scan to pay which is linked with giant MasterCard and VisaCard.
The NMB Managing Director, Mr Ineke Bussemaker, said the bank will continue to introduce new products and services that suit and benefit the whole population.
About 60 per cent of the economy is informal, thus NMB is positioned to change the situation through the use of technology, particularly mobile phones.
This is the new journey of the bank towards a cashless society and driving up financial inclusion.
Statistics show that 45 per cent of the people using mobile phones use internet services (22 million people), which according to the NMB boss, offers a huge opportunity for the bank to offer more products that can be accessed through the internet.
Daily News
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