I&M Bank, Blockbonds launch digital platform

Dar es Salaam. I&M Bank Tanzania in collaboration with Blockbonds Company have introduced a mobile banking app covering personal and business account holders to increase new customers and deposits.

Speaking to journalists yesterday, the chief executive officer of I&M Bank, Mr Baseer Mohammed, said Spenn would change the way Tanzanians transact cash, making it more efficient more secure and cost-free.

He said during the last year the bank grew its balance sheet by 14.1 per cent to Sh508 billion from Sh445 billion touching the half trillion mark for the first time.

Based on the unaudited financials the bank posted a record profit after tax of Sh9.19 billion and increased its deposits to Sh322 billion.

“Through this partnership we believe it will help in maintain the momentum of growth by leveraging in digital products and driving value proposition to the customer to 2 million from 13 million,” he said

Explained how the app works, Blackbonds and Spenn chief executive officer Jens Glaso said after success in Rwanda last year now it’s for the Tanzanian market.

He said: “Our main mission is to give everyone equal financial opportunities through innovation technology making Spenn accessible in Tanzania is a big step to achieve our long term goal.”

By downloading the Spenn mobile banking app anyone can get an account which is cost free, every user can perform money transfers payments in stores and cash out and deposit at any I&M Bank branch throughout the country free.

Also offer a cost-free business solution which is a free point of sale solution to anyone selling goods and services by upgrading to Spenn.

“Having a bank account is the first step out of the cash society and can also be the first important step out of poverty,” he said.