- The first- of- its-kind in the Tanzanian Banking Industry that targets greater financial inclusion and digital usage
- The solution to offer more employment opportunities across the country
Dar es Salaam 28th March, 2022: NMB Bank PLC has today announced launching of a customized banking solution that allows more people access to offer banking services and increase penetration of financial services across the country.
Dubbed NMB Pesa Wakala, the solution is tailor-made based on market research and continuous feedback from customers who preferred 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, NMB’s Chief of Retail Banking, Filbert Mponzi said, the NMB Pesa Wakala is a key milestone in our digital transformation journey and underlines NMB’s commitment to the development of the banking sector in Tanzania. Digitization remains at the heart of our business strategy. Our continuous investment in this regard will significantly advance and drive-up financial inclusion in the country.
A first-of-its-kind solution in Tanzania, 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 or through dialing *150*66# and the bank already has over 11,000 wakalas; but with NMB Pesa wakala, we hope to boost financial inclusion by enhancing the existing financial technology to make them simplest to all users. We also target to increase the number of wakalas to at least 100,000 in the next five years.
“Clients will now 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.
Speaking during the launching, NMB Bank’s Head of retail Product and channels, Mr. Aloyse Maro said, “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.”
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.
