DAR ES SALAAM: ABSA Bank Tanzania has launched a new initiative to promote a cashless economy through digital transactions, aligning with the government’s push for greater financial inclusion.
Absa Tanzania’s Managing Director, Mr Obedi Laiser, emphasised that digital adoption not only enhances convenience but also reduces cash-based transactions, thereby fostering a more inclusive financial system.
“The use of banking services is still relatively low in our country. As financial stakeholders, we must innovate to encourage citizens to embrace formal financial systems,” Mr Laiser stated during the handover of an SUV to a winner of the bank’s monthly campaign in Dar es Salaam yesterday.
The shift towards a cashless economy is gaining traction through the increased use of mobile money services, career development programmes and digital banking solutions that enhance access to financial services.
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Banks across the country are expanding their digital offerings, including online banking, mobile apps and electronic funds transfers, contributing to the decline in cashbased transactions.
According to last year’s Finscope report, formal financial inclusion in Tanzania has improved significantly, rising from 65 per cent in 2017 to 76 per cent last year.
However, large segments of the population remain underserved, highlighting the need for continued efforts to broaden access. In response to this challenge, Absa Bank launched a three-month campaign titled ‘Spend and Win,’ aimed at encouraging the use of digital banking channels.
This initiative underscores Absa’s commitment to advancing financial inclusion by promoting digital adoption. Absa Tanzania’s Head of Retail Products and Strategy, Mr Heristraton Genesis, noted that the campaign is part of the bank’s broader strategy to transition customers from traditional banking methods to digital transactions.
The campaign, which began in September, is set to conclude in December last year.
