BRINGING BANKING TO THE DOORSTEPS OF THE UNBANKED: NBC WAKALA PESA SERVICE TRANSFORMS FINANCIAL INCLUSION

Director of Retail Banking at NBC Bank, Elibariki Masuke (second left), leads the launch of the bank's new service dubbed 'NBC Wakala Pesa', which provides an opportunity for customers without an account with the bank or other banks to be able to conduct financial transactions using their National ID card only. Others present include the bank's Agency Services Manager, Jacqueline Sindano (left), the bank’s Manzese Area Chief Agent, Frank Maningi (third left) and other bank officials.

A resident of Manzese - Dar es Salaam, Busara Maningi, performs a transaction through the new 'NBC Wakala Pesa' service offered by NBC Bank during the launch of the service in Dar es Salaam. 

Dar es Salaam, 15 August 2024 - In a groundbreaking move that is set to redefine financial accessibility across Tanzania, the National Bank of Commerce (NBC) has unveiled its pioneering 'NBC Wakala Pesa' service, enabling customers to conduct a range of financial transactions without the need for a traditional bank account.

This innovative agency banking solution is a testament to NBC's unwavering commitment to empowering the underserved and marginalized communities that have long been excluded from the formal financial system. By leveraging its expansive network of agent locations, the bank is bringing banking services directly to the doorsteps of those who have historically faced barriers to financial inclusion.

"At NBC, we recognize that access to financial services is a fundamental right for all Tanzanians, regardless of their socioeconomic status," said Elibariki Masuke, the bank's Director of Retail Banking. "Our 'NBC Wakala Pesa' service is designed to break down these barriers and provide a seamless, accessible platform for even the most marginalized members of our society to participate in the financial ecosystem."

The launch event, held at the bank's Chief Agent office in the bustling Manzese neighborhood of Dar es Salaam, was a testament to the transformative potential of this innovative solution. Attended by a host of NBC officials, including Agency Banking Manager Jacquilene Sindano and Chief Agent Frank Maningi, the event showcased the efficiency and ease of the new service, leaving attendees captivated by its potential to reshape the financial landscape.

"This service is a game-changer for our community," said Maningi, beaming with pride. "It provides a safe and accessible avenue for people to participate in the formal financial system, empowering them to save, transact, and plan for their future with confidence."

Through the 'NBC Wakala Pesa' service, customers can now deposit, withdraw, and transfer funds through designated NBC agents, without the need for a traditional bank account. All they require is their national ID or the Zanzibar Residency ID, making the process remarkably simple and inclusive.

"I've always been hesitant to open a bank account due to the complicated procedures," shared Fatuma Ally, a local resident who attended the launch event. "But with this agency banking service, I can now manage my finances with ease and without the burden of maintaining a traditional account."

The transformative impact of this initiative extends far beyond the convenience it offers to individual customers. By removing the barriers to entry and leveraging its extensive agent network, NBC is spearheading a movement to ensure that every Tanzanian, regardless of their background, has the opportunity to access and benefit from the formal financial system.

"This service is a testament to NBC's unwavering commitment to financial inclusion," added Ms. Sindano. "By bringing banking services directly to the people, we are empowering even the most marginalized members of our society to participate in the financial ecosystem and unlock the path to economic prosperity."

The launch of the 'NBC Wakala Pesa' service marks a significant milestone in Tanzania's financial inclusion landscape. As the nation continues to strive for inclusive economic growth, this revolutionary agency banking solution stands as a shining example of how innovation and a steadfast commitment to empowering the underserved can transform lives and communities.