One of the drivers of the country’s gross domestic product (GDP) by 7.0 per cent last year was financial intermediation, speeded up by inclusive financing. The financial inclusion assists banks to reach many customers and mobilise more deposits, which are a crucial variable for spurring investments through commercial loaning. For instance, in 2009 population with
Gemalto, the world leader in digital security, is supplying Saracens, one of the UK’s most successful rugby union clubs, with prepaid wristbands that offer fans speedy and secure contactless payment for food and drink at its Allianz Park stadium in north London. The pilot project marks the first step towards deployment to all season ticket
Visa Inc. introduced a set of resources to help business owners manage the transition to chip technology for credit and debit cards. The toolkit, available at VisaChip.com/BusinessToolkit, provides merchants with a 10-step implementation guide, downloadable tools and resources, and a module to train employees on accepting chip cards at the point-of-sale (POS). Chip technology brings
A user-centric approach which allows executives to choose their own device is fundamental to a bank’s success in mobile corporate banking services and should be a key component in every bank’s omni-channel strategy. This is the view expressed in the latest white paper published by Mobey Forum, the global industry association empowering banks and other
The Payments Security Task Force today joined with the PCI Security Standards Council and the EMV Migration Forum to launch a chip education curriculum and “pre-qualification” program to help streamline and simplify the EMV testing and certification process for Value Added Resellers (VARs) and Independent Software Vendors (ISVs). Through this industrywide effort, VARs and ISVs
First National Bank Tanzania (FNB Tanzania) underscored the need to impart financial management skills to small and medium business owners for sustainable business growth. FNB Senior Manager SME, Mr Frederick Lutindi, said in Dar es Salaam on Friday at a one day workshop for SMEs in line with FNB’s philosophy of providing finance for SMEs
Malawi took a significant step towards creating a digital payment ecosystem in order to address poverty and drive inclusive growth. An event organized by the Government of Malawi with the United Nations Capital Development Fund’s (UNCDF) Better Than Cash Alliance and Mobile Money for the Poor initiatives brought together digital payments players to accelerate the progress
MasterCard announced the expansion of its intellectual property relationship with First Performance Global. hrough the global extension of a license for its proprietary MasterCard In ControlTM technology, MasterCard will take an equity stake in First Performance. As a result, the two companies will collaborate on growing First Performance’s ability to offer payment card issuers and
More Tanzanians are no longer visiting bank halls and automated teller machines (ATMs) as digital banking system gains momentum. The recent trend shows customers are turning their backs to bank halls and ATMs to other optional channels such as Simbanking, point of sales and plastic money. CRDB Chief Executive Officer, Dr Charles Kimei, said that
The Tanzania Postal Bank (TPB) profitability level has crossed the ten billion mark, after it increased by almost 50 per cent since the institution was established some two decades ago. The bank said yesterday that it has made a historic pre-tax profit of 10.28bn/- in 2014, well above 6.99bn/- recorded in 2013. The bank, according
