Finca now goes digital on loans and accounts

Dar es Salaam. Finca Microfinance Bank has gone digital as it allows opening accounts and provide loans through mobile phones.

The firm said it does so as means of bridging financial inclusion in the country.

The bank’s chief executive officer Mr Isa Ngwegwe said this on Friday when briefing journalists about operations of the bank.

“Customers can register with the bank through mobile phones and all they need to do is to visit the bank’s agents stationed countrywide to enable the process. Unlike other financial institutions, we don’t need our customers to bring numerous manual records for them to access loans,” he said.

He explained that through their credit scoring process the bank only needs to look at customers’ past records which can also be gleaned through national identification cards to know their debt records.

He said the reason for the digital transformation is to enable a majority of Tanzanians especially in rural areas who cannot access financial institutions, be reached.

He said that the banks Non Performing Loans portfolio was doing well especially as 80 per cent of loans were paid back.