NCBA has been named the 2022 best digital bank in Tanzania by Global Magazine and Finance Review.
Based in the United Kingdom, Global Magazine and Finance Review tracks global financial trends and development.
The organization was established in 2010 but their award programme on excellence around global banking and finance commenced in 2011.
The milestone is a clear reflection of the lender’s high-tech brainchild of M-Pawa, an innovative bestselling digital flagship for the last half decade.
The product is co-engineered by NCBA and Vodacom that has pioneered mobile money transaction and other significant banking services.
With over eight million users, the platform has been the dispenser of nearly Sh48 billion loans annually to support the country’s micro-economic growth.
Subscribers of the platform enjoy a great deal of benefits at the clicks of their mobile phones. It’s paperless. One will be able open and operates a bank account without visiting the bank.
Also, it is possible to save as little as Sh1 and earn interest on the saving balance. Interest is calculated daily and paid out at the end of each calendar quarter.
You will move money between the M-pawa savings account and the M-Pesa account with no charge. There is no minimum balance on M-Pawa.
M-Pawa enables one to access micro loans of as minimum of Sh1000 anytime and receive the loan instantly via M-Pesa account. There are no ledger fees.
M-pawa is the bar that the bank has, for long now, set in technological innovation, however, the lender’s digital print doesn’t end with just scooping multiple accolades.
To advance its digital path, NCBA has forged efforts to recognize its M-Pawa users through promotional campaigns to expand its ever-increasing customer base.
The bank, in liaison with Vodacom again, launched a two-month flagship campaign dubbed “Chuzi Limekubali” which aimed at encouraging its users to save more money in their wallets.
The campaign ran six draws and each week produced three winners who scooped motorcycles among other gifts and then the grand winner walked home with Sh5 million. The presents for the whole campaign worth Sh60 million.
The campaign splashed Sh50,000 to customers who repaid their loans within six days. Since its inception, the bank has refunded 50 customers, who have repaid their loans and saved their money in a timely manner.
It also doubles customer savings for its 100 customers every month. Those who saved with the bank during this campaign period had a chance to win twice their savings every month, starting with Sh10,000.
The bank management has planned to continue with like-minded campaigns for the next year to incentivize the product users to make the best of enthralling features and experience of the M-Pawa.
The management says that M-Pawa service has been at the forefront of helping Tanzanians for a long time to get fast loans with very low interest to spiral up economic growth for individuals.
In a similar fashion, the Kenyan counterpart, M-Shwari, has been performing quite well.
NCBA has reaped huge rewards from pioneering mobile phone-based lending in Kenya after teaming up with telecoms operator Safaricom in 2012 to launch the dominant service, M-Shwari.
This digital-driven financier is doing no small feat to avail its customers graduate to a much-sought-after digital economy.
NCBA is one of Tanzania’s innovative banks that finds merit in injecting digital technologies into banking services.
The commercial bank invests in digital innovation to drive customer satisfaction, which propels the country to financial inclusion.
To sensitize on the digital uptake, NCBA’s Executive Director, Julius Konyani, during Customer Service Week observation, shared that the bank’s mission is to embrace digital space.
“Through our digital-first approach, we will continue to innovate and share the best-in-class technological advancements and customer service as we provide exceptional financial services and products that exceed customer expectations, with internationally accepted standards,” the bank executive director noted.
Mr Konyani stressed that size and scale are essential for businesses. Thus, in that spirit, he anticipates that the latter will allow NCBA to offer their valued customers and clients a wide choice of products and delivery methods.
“Our robust technology builds strong connectivity and seamlessness for customers across various product lines and subsidiaries,” Mr Konyani said.
Commercial banks with strong digital innovation possess higher possibility to post success over time.
According to Tanzania Invest, the Tanzanian banking sector recorded strong growth in 2019, with profits before tax reaching Sh 590 billion, +88 percent more than Sh 313 billion in 2018.