NMB UPGRADES WORLDWIDE PESA TO STREAMLINE INTERNATIONAL REMITTANCES

NMB Bank has taken the local payments industry to new heights by adding more value to its WorldWide Pesa remittance service, further enhancing and simplifying international money transfers.

The bank announced in Dar es Salaam that the new solution, which was originally designed for customers in the diaspora, now also enables outbound global payments through the NMB Mkononi service.

At the official launch of the new WorldWide Pesa, NMB's Chief of Wholesale Banking, Mr Alfred Shao, highlighted that the innovative solution, which allows customers to send funds abroad directly from their NMB accounts via smartphones, will initially be available in 22 countries in the EAC and SADC blocs.

The development, he added, aligns well with the government's efforts to boost diaspora remittances to USD 1.5 billion (about TZS 3.75 trillion) by 2028.

"With innovative solutions like the upgraded WorldWide Pesa service, NMB Bank is well-positioned and fully equipped to support the government's goal of increasing remittances from Tanzanians abroad who wish to send money and invest back home," Mr Shao stated.

According to him, the new solution that allows Tanzanians to securely and cost-effectively send and receive money globally via NMB Mkononi is the result of strategic partnerships with leading global and regional money transfer providers, namely Mastercard, Thunes, TerraPay, and Nala.

He explained that this collaboration was made possible by the significant investments NMB Bank has made over the years in building robust digital platforms and developing a strong team of ICT experts.

Highlighting that the new solution puts an end to the days of delays and complex paperwork often involved in global money transfers, Mr Shao described WorldWide Pesa as a technological transformation that streamlines international transactions, making them quick and convenient to complete anytime, and anywhere.

"The service we are launching today to simplify sending and receiving money internationally also plays a critical role in advancing the national financial inclusion agenda, while also contributing fully to national building efforts,” he noted.

Mr Shao said the benefits of sending and receiving money through NMB Mkononi include the ease of sending money abroad without having to visit an NMB branch or fill out any paperwork; and the ability to send money anytime, from anywhere in the country, even outside Tanzania.

In his remarks at the launch, Ambassador John Ulanga, the Director of International Trade and Economic Diplomacy in the Ministry of Foreign Affairs and East African Cooperation, emphasized the government's commitment to promoting WorldWide Pesa both internationally and regionally, especially in SADC countries where he said Tanzania has significant competitive advantages.

Mr Ulanga stated that the new service aligns perfectly with the government's economic diplomacy policy, as it not only promotes financial integration but also fosters business integration, which is crucial for enhancing international economic cooperation.

“This is a highly innovative development and a unique solution in the market, adding significant value to the implementation of our economic diplomacy policy,” he remarked, expressing pride in seeing a bank he had helped transform become the best and most profitable in the country.

“Like all successful global businesses, NMB has thrived by maintaining a strong focus on its customers, investing in technology, and developing its most valuable asset—its people.”

Mr Jack Ngari, Thunes East Africa’s Key Account Manager, stated that Tanzania is one of the fastest-growing economies in Africa, making the partnership with NMB Bank a strategic move for fostering innovation, growth, and development.

Ms Doreen Ngallo, Head of TerraPay Tanzania, highlighted that their five-year partnership with NMB Bank has yielded significant results in facilitating international transactions.