NMB Bank unveils Tanzania’s first wearable payment solution
NMB Bank’s Chief of Retail Banking, Mr Filbert Mponzi (centre), NMB’s Director of Investor Relations, Sustainability and Corporate Communications, Mr Innocent Yonazi (second left), and Mastercard Tanzania Country Manager, Mr Moses Alphonce (second right), launch the new NMB TAP payment solution, which enables customers to make payments using rings, stickers and bracelets, at an event held in Dar es Salaam. On the left is NMB Dar es Salaam Zone Manager, Ms Seka Urio, and on the right is NMB Senior Manager – Card Business, Mr Manfred Kayala. PHOTO/COURTESY
The innovation positions NMB at the forefront of efforts to modernise the national payment ecosystem, as the bank continues to champion secure, convenient and inclusive cashless payment solutions.
Dar es Salaam. NMB Bank Plc has marked a major milestone in Tanzania’s digital finance journey with the launch of NMB TAP Wearables, the country’s first tokenised wearable payment solution.
The innovation positions NMB at the forefront of efforts to modernise the national payment ecosystem, as the bank continues to champion secure, convenient and inclusive cashless payment solutions.
Speaking at the launch event held in Dar es Salaam yesterday, NMB’s Chief of Retail Banking, Mr Filbert Mponzi, described the introduction of NMB TAP as a landmark development in Tanzania’s transition towards a digitally enabled economy.
He said the solution reinforces NMB’s position as a pioneer in cashless innovation, while expanding access to modern payment tools across diverse customer segments.
“NMB TAP is a world-class innovation that reflects our leadership in setting banking standards in the country. It demonstrates our readiness to continuously innovate and ensure customers benefit from secure, modern and globally competitive solutions,” said Mr Mponzi.
Developed in partnership with global payments leader Mastercard, NMB TAP enables customers to make fast and secure cash-free payments using wearable items such as rings, bracelets and payment stickers.
With a simple tap, users can make payments at supermarkets, fuel stations, hotels, restaurants and all Mastercard contactless-enabled point-of-sale terminals nationwide.
NMB’s Director of Investor Relations, Sustainability and Corporate Communications, Mr Innocent Yonazi, said the innovation represents more than a new product, describing it as a strategic step towards a customer-centric digital payments ecosystem.
“Through our partnership with Mastercard, NMB TAP introduces a payment experience that has never existed before in Tanzania, setting a new benchmark for the future of banking in the country,” he said.
Mastercard’s Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands, Mr Shehryar Ali, said the solution leverages advanced tokenisation technology to enhance payment security.
“Sensitive card details are replaced with encrypted tokens stored securely on the wearable device, ensuring cardholder information is never exposed during transactions,” he said.
