NMB, 2 mobile phone firms sign partnership pact
NMB managing director, Ms Ineke Bussemaker, Tigo Tanzania general manager Diego Gutierrez and Airtel Tanzania managing director Sunil Colaso speak at different past events. PHOTOS|FILE
What you need to know:
- Under the partnership, the Dar es Salaam Stock Exchange listed commercial bank will avail both cash and e-money (floats) to Tigo Pesa and Airtel Money agents to overcome the float and cash challenge so they can go about their undertakings smoothly.
Dar es Salaam. National Microfinance Bank Plc (NMB), Tigo Tanzania and Airtel have signed a partnership deal that will see the bank supporting agents of the two mobile phones’ money transfer agents with funds for the smooth running of their businesses.
Under the partnership, the Dar es Salaam Stock Exchange listed commercial bank will avail both cash and e-money (floats) to Tigo Pesa and Airtel Money agents to overcome the float and cash challenge so they can go about their undertakings smoothly.
Over 100,000 agents of the two mobile phone firms will get the funds from NMB’s 180 branches countrywide.
That way, the partnership will simplify the process of converting floats into cash and cash into float through an advanced system integration which is capable of identifying the Tigo Pesa and Airtel Money agents based on agent’s number.
The bank will use its banking system which communicates directly to Tigo Pesa and Airtel Money systems.
Speaking in Dar es Salaam yesterday, the NMB acting chief of retail banking, Mr Abdulmajid Nsekela said the partnership demonstrates that banks and mobile communication companies can revolutionise the living conditions of the communities while at the same time pioneering financial inclusion in the country.
“We believe that the integration will bring mobile agents and their customers closer to services wherever they are….It was determined that there is a financial gap in accessing cash from the agents and also converting cash to floats. With this product, we offer an opportunity to provide a reliable financial solution that will address agents’ liquidity management issues in relation to physical cash and e-value exchange,” he said.
The three companies are already cooperating in a number of other projects including Tigo and Airtel airtime purchase via NMB mobile and NMB Automated Teller Machines, Money transfer services from NMB mobile to Tigo Pesa or Airtel Money and Money transfer from Tigo Pesa or Airtel Money to NMB account among others.
Due to the high demand of mobile money transfers between networks (interoperability) mobile agents constantly run out of cash putting the business at risk as they fail to meet their customers’ needs.
