STANBIC Bank Tanzania has announced the launch of a minimum of 10 new bulk note acceptors next year for easing banking services and empowering Small and Medium Entreprises (SMEs) as well as corporate clients.
Stanbic Head of Personal and Business Banking, Mr Brian Ndadzungira said recently that currently the bank has deployed the bulk accepting machines in four of its branches nation-wide including the centre branch in Dar es Salaam, Mbeya, Arusha and Mwanza branches.
He said that clients with large deposits will save time and enhance their economic productivity by avoiding banking hall queues. “The roll-out of the machines targets to simplify business operations for SMEs and boost private sector activities and their contribution to economic growth,” he said.
The new machines are aimed at creating digital avenues that would support cash collection solutions not only for SMEs but also large corporate clients.
The new machines have the capacity of accepting up to TZS 150 million (15,000 TZS10,000 notes) per individual transaction, a remarkable increase from the current TZS 2 million via Cash Deposit Machines in most branches.
He disclosed that they are reviewing models that will enhance client-centric innovation with the purpose of bringing services closer to clients.
“In line with our strategy to empower customers to take control of their banking, we are looking to provide solutions that respond to customer needs. This innovation will add a new layer of comfortability to our clients, allowing them to focus on other productive aspects of their businesses,” he said.
The Tanzania Development Vision (TDV) 2025 has highlighted the SME sector as an important contributor to the country’s long-term development.
According to Financial Sector Deepening Trust (FSDT), the sector currently consists of more than 3 million enterprises which contribute 27 per cent of overall GDP and creates employment to around 5.2 million people. Stanbic believes further growth in the sector will be accelerated by innovative financial solutions that encourage scaling up.
“It is important to create these digital innovations in order to boost activity in the private sector that will lead to an increase in jobs, better incomes and sustainable organizations,” Ndadzungira said.