Monday, March 20, 2017

NMB introduces mobile inter-bank fund transfer

By Alfred Zacharia @TheCitizenTz

Dar es Salaam. The National Microfinance Bank (NMB) has launched a mobile banking service that enable its customers to transfer money to accounts in others banks using mobile phones.

Previously, customers could transfer money to other bank accounts by either physically visiting branches or through internet banking. In both cases the process took a maximum of two days for the transaction to mature. However, the mobile inter-bank settlement system adds more options to NMB customers. “The new service adds an option to customers to either use late processes where they could visit our branches or through the internet. The new mobile system of transaction is timely as recipient gets money instantly,” said the bank’s acting senior manager for retail liability, insurance and value-added services Mr Stephen Adili.

“Being the first product in the banking industry, we expect positive reaction from our customers who will no longer incur some transport and time expenses on transferring money from their NMB bank account to other banks’ accounts,” he said.

The bank said it introduced such system after noticing that mobile banking is now growing.