National Microfinance Bank in Tanzania to Support Telkoms Money Agents

National Microfinance Bank (NMB) has partnered with Airtel and Tigo to support availability of cash and e-money for the telecoms agents to run their business smoothly.

The partnership seeks to help Tigo Pesa and Airtel Money agents overcome float and cash challenges and address Tigo pesa and Airtel Money agent’s liquidity management problems through NMB branches countrywide.

NMB Acting Chief Retail Banking, Mr Abdulmajid Nsekela, said the partnership clearly demonstrates the revolutionary role that the banks and mobile communications companies can play in improving the living conditions of the communities, while at the same time pioneering financial inclusion in the country.

“The NMB branches network captures the essence of our ‘Close to You’ slogan while believing that the integration to bring mobile agents and their customers closer to services wherever they are. Our aim is to also support other businesses get closer to their customers by giving them easy access to NMB channels,” he said.

He added, “Our mission at NMB has always been to create innovative products and services that tackle various financial challenges in the country. It was determined that there is a financial gap in accessing cash from the agents and also converting cash to floats,” “NMB in collaboration with MNOs saw this as an opportunity to provide a reliable financial solution that will address agents’ liquidity management issues in relation to physical cash and e-value exchange.

This model is much more convenient to both MNO’s agents and wallet customers.” He said mobile money agents play a vital role in contributing to the country’s economy and therefore as one of the largest retail bank, it is essential to create environment that works in favour and help the agents meet the market demand and through that contributing to accelerating financial inclusion in the country.

With the wide network of NMB branches in the country, NMB will ease the process of converting floats into cash and cash into float through an advanced system integration which is capable of identifying the TigoPesa and Airtel Money agents based on agent’s number.

He said NMB integration is more advanced, easy to use, faster and reliable than any other bank in the country.NMB will use their banking system which communicates directly to TigoPesa and Airtel Money systems.

“Under this mode you will not see till numbers stamped at NMB branches but rather the agent is free to transact at any NMB teller counter which is more convenient to customers,” he said.

Originally published on Daily News Tanzania