Absa joins ‘Wakala’ bandwagon

ABSA Bank Tanzania on Tuesday launched its agency banking service ‘Absa Wakala’ as a strategic move to enhance financial inclusion.

The Absa Tanzania Managing Director Mr Obedi Laiser said the purpose of the introduction of the service is to enhance more access to financial services in the country.

“Low incomes, high banking costs, lengthy banking procedures, and the obvious lack of extensive banking networks have deprived many Tanzanians hence hindering the growth of our country’s development,” said Mr Laiser.

According to the Finscope Tanzania 2023 latest report only 22 per cent of Tanzanians from 17 per cent recorded previously, have access to formal financial services.

Additionally, Mr Laiser said they are committed to ensuring that reliable banking services are easily accessible.

The agency model will provide a uniquely positioned and profitable avenue to serve the unbanked population within the existing banking environment, hence contributing to the customer growth.

Absa’s Head of Retail Banking Ms Lillian Ndabu said that the agency programme is among the lender’s planned motives to reach the customer needs.

“Enabling our customers to access banking services through numerous cost-effective channels with enhanced convenience is a bank testimonial,” said Ms Ndabu.

Meanwhile the bank introduced a two-month promotional offer that allows customers to transact through its Wakala service with no charges from yesterday.

Moreover, Absa’s Head of Retail Products and Strategy Mr Heristraton Genesis said the service has gear up the lender’s desire to bring closer financial services to the Tanzanians.

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