NMB upbeat on agency banking as transactions hit Sh166bn
What you need to know:
The service called NMB Wakala which started in December 2014 has attracted 560 agents countrywide to provide basic banking services like account opening, taking deposits and cash withdrawals on behalf of the bank, according to a statement emailed yesterday.
Dar es Salaam. National Microfinance Bank PLC (NMB) is optimistic with the future of its agency banking system which has processed over 550,000 transactions -- deposits and withdrawals -- worth Sh166 billion by February this year.
The service called NMB Wakala which started in December 2014 has attracted 560 agents countrywide to provide basic banking services like account opening, taking deposits and cash withdrawals on behalf of the bank, according to a statement emailed yesterday.
“These are very encouraging product statistics helping us with trends and analysis to be able to further determine how to service our customers better. In 2016, NMB intends to double its NMB Wakala agents and will focus more on transforming the bank to a digital banking service provider,” said Ms Ineke Bussemaker, NMB managing director.
Tanzania passed a law that effectively allowed commercial banks in February 2013 to offer their services through third-party businesses.
Some banks including NMB, CRDB, Tanzania Postal Bank and Equity have joined the system and send their services closer even to areas which have no branches.
Majority of the commercial banks have also integrated their banking system with mobile money (payment) system provided by the mobile phone operators. NMB wants to expand the agency banking system and bring services closer to customers.
