BOA introduces agency banking services

BANK of Africa (BOA)

BANK of Africa (BOA) Tanzania has introduced agency banking services dubbed ‘Bank of Africa Wakala’, with an aim to improve proximity to customers and increase presence across the country.

In partnership with Selcom, the model allows BOA to contract ‘Selcom Huduma’ agents across the country to serve as banking agents, offering financial services on its behalf.

BOA Managing Director and Chief Executive Officer, Mr Adam Mihayo said: “This is a momentous achievement for the bank, as we continue our journey towards digitisation of our products and services, making convenient to our customers on how, when and where to access the bank service beyond traditional branch channel.

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As we launch the new service channel today, we roll out a total of 100 agents across the country in the initial phase and an additional 200 agents in the second phase.”

This is a significant achievement towards taking banking services to the people, the bank remains committed to the development of country’s economic agenda through the various investments made and that we continue to make,”

BOA Chief Digital Officer Mr Jesse Jackson explained that the development is in response to a quest to penetrate the local market and improve access to financial services.

“Our focus is based on financial inclusion and the need to drive digital platforms enabling our customers to access financial services right within their neighborhood, Bank of Africa Wakalas bring convenience to our customers by offering Cash in, Cash out services for a start,” he said.

Mr Jackson added: “Exceptional customer experience is key to us as BOA, we want our customers to feel welcome not just to the banking halls but to all our touch points.

“We want to establish a relationship with everyone who is bankable irrespective of their income range or social status and digitisation is one of the key pillars that make up the bank’s strategic objectives in our strategic plan, more innovation is yet to come as we head towards achieving this goal.”

By rolling out the agents’ model, the lender is also increasing the number of players in the financial system value chain consequently creating jobs and economic opportunities as it offers good commission rates to its agents.

Mr Jackson emphasised that in line with the bank’s strategic direction, BOA remains committed to providing retail digital financial solutions that not only meet customers’ lifestyle and financial needs but provide convenience, ease, security, and exceptional customer experience.

“The intent is to cater to all the needs of our customer segments, support financial inclusion and provide a platform for all to have access to banking services,” he noted.

Selcom’s Executive Director, Mr Sameer Hirji, noted that Selcom will continue to take charge in the financial technology sector leadership. This partnership with BOA is one step further as we all move towards our goals.

“For about 20 years now, Selcom has been a leader in financial technology and payment services including agency banking and cashless payment services. We are looking forward to more partnerships in the financial industry years to come”.

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