ABSA BANK PARTNERS WITH VISA TO LAUNCH A DEBIT CARD FOR BUSINESSES IN TANZANIA

Absa Bank Tanzania Head of Retail Banking, Ms. Ndabu Lilian Swere (centre), Absa Bank Card Issuing Manager Retail Banking, Elfrida Mruma (right) as well as Absa Bank Head of Marketing and Corporate Relations, Aron Luhanga display the just launched Absa Visa Business Debit Card during a media launch in Dar es Salaam.

Absa Bank Tanzania Limited has partnered with Visa to introduce a debit card targeted at businesses in Tanzania. The Absa Visa Business Debit Card, which is linked to the business’ transaction account, is aimed at helping businesses track and manage operational expenses efficiently, access cost saving benefits and make easy and secure online transactions.

Speaking at the press launch, Ms. Ndabu Swere – Head of Retail Banking, said “At Absa, we are fully committed to delivering innovative solutions that help businesses get things done. This is testament to the numerous “firsts” that Absa has introduced in the market in the last few years, evidenced by the recent recognitions received from Global Brand Magazine where we were awarded as the 2020 Best Digital Bank in Tanzania and 2021 Best Banking Cards in Tanzania.

Therefore, we will continue to bring new disruptive innovations that are going to be a game changer for our clients. We believe that this new Visa business debit card will encourage businesses to shift from cash to digital payments, which is not only the more secure payment option, but also improves efficiency and transparency in the business’ expense management and thus giving businesses better control of their expenditures, and ability to budget and plan for their business growth.”

On his part, Mr. Melvin Saprapasen, Head of Business Banking, said: “Expense mismanagement, associated with poor cash handling and inability to separate personal expenditures from business expenditures, is one of the key challenges that SMEs and sole proprietors face world over. The Absa Visa Business Debit Card comes in to fix all that.

The card comes with powerful features and benefits that businesses of all sizes will find extremely valuable. Over and above its functional uses as a payment tool, the card will aid in the separation of personal funds from business, increase visibility and control of business expenses, provide means for employee empowerment, enhancing operational efficiency, and digitize payments to move away from carrying cash for a more secure payments experience.”

On behalf of Visa, Ms. Salma Ingabire, Country Manager for Tanzania said, “The product Absa is launching today is a solution tailor-made to assist businesses in overcoming many cashflow management hurdles and move beyond to financial prosperity. The Visa Business Card is much more than just a payment tool, it’s a card that puts the business owner in control of their business transactions and expenses. All transactions are detailed on the businesses monthly statement, so that you know exactly how much money was spent and for what. This allows businesses to better plan their expenses and control their budget, something which is a challenge experienced by SMEs globally.

In her concluding remarks, Ms Salma said, “Collaborations such as these between Absa and Visa will go a long way in helping businesses to digitise their payments and open new avenues for growth. I am confident on the impact that this card will have on the growth of small businesses in Tanzania.”