A new banking era has unfolded in the country after NMB Bank yesterday debuted a novel solution of opening accounts within two minutes that has added fresh impetus to the national financial inclusion agenda and digital finance journey.
Retail Banking and Business Chief Filbert Mponzi said once the new customer on-boarding process is completed, the account and services like NMB Mkononi are instantly activated to enable transaction to start immediately.
With ordinary and unbanked folks in mind, the lender launched the NMB Pesa Account service, which is Tanzania’s fastest digital account opening experience, at the upcountry Magufuli Bus Terminal in Dar es Salaam.
“This is a digital finance solution for helping to address financial services challenges, which is not only an instantaneous exercise but also very cheap since it does not have costs such as maintenance charges,” Mr Mponzi told the gathering that witnessed its launch.
Mr Mponzi said that at the outset of 2022, the lender’s target was to open one million new accounts. So far 1,012,344 have been opened.
“What that means is that we are able to open 3,135 accounts every day and that is what is meant by financial inclusion in Tanzania,” he said.
He told the Dar es Salaam Regional Commissioner, Mr Amos Makala who graced the event that opening of NMB Bank accounts is now possible anywhere digitally with the support of their mobile sales staff.
He said the process is also paperless and does not require visiting the bank’s 228 branches.
That reality impressed the regional commissioner who in his inaugural speech said the development accords all Tanzanians the opportunity to own a bank account.
Mr Mponzi also said that the top beneficiaries of NMB Pesa Account will be mostly the unserved and underserved segments of the market.
Currently NMB has over five million active accounts and every day over 3,000 new ones are opened.
“Our objective as a bank is to re-define the role we can play in the lives of our customers by adding convenience and ease in the new normal times, where access to banking services has become even more crucial,” Mr Mponzi pointed out.
“NMB has been leveraging technology to provide world-class banking experience to its customers. We have introduced the opening of the individual accounts digitally to further promote inclusion and empowerment of the unbanked Tanzanians. We believe that ease of banking and endless options are key things to individuals when they look for a credible banking partner,” he pointed out.
Mr Mponzi added that the end-to-end digital proposition will promote inclusive finance by enabling customers to easily get access to financial services such as micro credit facilities (MshikoFasta).
They will also be able to make deposits and withdrawals at NMB Pesa Wakalas as well as payments via LIPA Mkononi all through the use of their mobile phones. These can be either smart phones or feature phones that are commonly known as “Kitochi”.
The monumental development is in line with NMB’s digital transformation strategy of continually developing innovative financial solutions to facilitate safe and secure banking in the country.
“NMB Pesa is another key milestone in our digital transformation journey and underlines NMB’s commitment to promote mass financial inclusion in Tanzania. Our continuous investment in this regard will significantly advance and continue to drive financial inclusion in the country,” Mr Mponzi said.
The bank’s innovation prowess and investment in new technologies has won it local recognition and global accolades from prominent international rating organisations.
In the past two years alone, it has accumulated over 20 international awards from reputable global publications such as World Economic Magazine, Global Brands Magazine, International Banker Awards and International Business Magazine.
Mr Makala said there are many banks in the country but those which will excel are the most innovative like NMB which day in day out are easing availability of banking services.
“I have been impressed by your creativity in this new solution, which makes me optimistic that the number of Tanzanians with bank accounts is now going to go up and that augurs well with the digital finance mission of the government,” he pointed out.
Earlier, Ubungo District Commissioner, Mr Heri James said the debuting of NMB Pesa Account will stir growth and advancement of business and the economy in the district and across Tanzania.