NMB Bank PLC launched a customized banking solution that allows more people access to its banking services, thereby increasing the penetration of financial services across the country. The first of its kind in the Tanzanian banking industry, this solution aims to advance financial inclusion and digital usage.
Dubbed NMB Pesa Wakala, the solution is tailor-made based on market research and continuous feedback from customers, who preferred the use of innovative technology that simply allows any person with a mobile phone (smartphone or feature phone) to execute ‘cash in and cash out’ transactions.
Speaking at the launch earlier this year, NMB’s Chief of Retail Banking, Filbert Mponzi said, the NMB Pesa Wakala is a key milestone in the bank’s digital transformation journey and underlines NMB’s commitment to the development of the banking sector in Tanzania. Digitization remains at the heart of the bank’s business strategy. “Our continuous investment in this regard will significantly advance and drive-up financial inclusion in the country,” he said.
NMB Pesa Wakala allows bank wakalas to use their own mobile phones to provide cash deposit and cash withdrawal transaction services through their phones similarly to telecom wakalas.
NMB Bank already offers advanced mobile banking services to its over four million customers through its NMB Mkononi app and the bank already has over 11,000 wakalas. With NMB Pesa Wakala, the bank hopes to boost financial inclusion by enhancing the existing financial technology to make it more user-friendly and simpler to use. The bank has set itself a target of increasing the number of its wakalas to at least 100,000 over the next five years.
“Clients can enjoy easier access from an increased number of agents throughout the country. This also offers exciting employment opportunity for Tanzanians, since one only needs a permanent business with valid license and any mobile phone device to become an NMB Pesa wakala,” said Mponzi.
According to NMB Bank’s Head of retail Product and Channels, Mr. Aloyse Maro the bank has invested a lot on innovations and through the NMB Pesa Wakala. “We are definitely bringing in greater convenience and accessibility of cash-in, cash- out services to our customers. As the leading bank in Tanzania, NMB is already redefining the different ways Tanzanians will be banking in the near future,” he said.
NMB bank already has a physical presence in all districts in the whole of Tanzania in the form of branches, ATMs, and Wakalas. Further, the bank has boosted its online presence through mobile banking dubbed NMB Mkononi and its internet banking called NMB Direct. The bank has accumulated various awards in the past 5 years.
For more information on NMB bank visit www.nmbbank.co.tz