The agent banking and mobile phone transaction are picking up while pushing up as demonstrated by increase the volume and value of transactions. The agency and mobile money have assisted financial sector penetration in the country to overtake its goal of reaching 50 per cent two years ahead of the deadline in 2016. At the
Mwalimu Commercial Bank (MCB) listing date has been pushed back once again to the first half of next month after the allotment workload proved to be a huge-task than anticipated. The listing of first ever Mwalimu Bank was planned on Monday, June 8, before being pushed to this morning, but the work of collecting IPO
Squad Digital, Sub-Saharan Africa’s leading digital advertising firm, launched an innovation lab that is aimed at spurring technological growth through incubation and research in Tanzania. Dubbed Squad Labs, the lab will have dedicated research and development teams responsible for creating innovative products and is currently working with over 30 developers in Tanzania. “We want to
Global trading and investment bank, Saxo Bank, has invested in a business that is setting out to give the burgeoning FinTech sector a genuine alternative to the status quo in international payments. Established in 2013, Saxo Payments is addressing the compliance and security barriers to creating international transaction accounts that are holding back the success
NBC Bank has underscored the need for Tanzanians to capitalise on the technological revolution in the banking sector that could play a key role in fast tracking human development. This was said in Dar es Salaam by the NBC Bank Direct and Development Manager, Mr Amos Lyimo, after launching salary account that will provide opportunity
FINCA Tanzania that operated as a micro-finance institution for the past 17 years has been upgraded into a fully-fledged bank as ‘FINCA Microfinance Bank’. FINCA Microfinance Bank Chief Executive Officer, Mr Edward Greenwood, said in a press conference in Dar es Salaam that the development comes after successful operations and steady growth of the institution.
FNB announced that it has become the first bank to offer its own SIM cards to its customers from 15 June 2015. Currently FNB offers ADSL and 3G data rewards through its FNB Connect offering, which will now be expanded to include mobile voice and data products. The bank is already established in the telecommunications
Steward Bank, a subsidiary of Econet Wireless has introduced a new banking concept. The new model, known as correspondence banking, is a system where a financial institution provides services on behalf of another equal or unequal, financial institution. Through correspondence banking, the financial institution can conduct business transactions, accept deposits and gather documents on behalf
Standard Chartered PLC announces it has joined the Wolfsberg Group, an association of global banks that together develop industry standards for Know Your Customer, anti-money laundering and counter-terrorist financing. Standard Chartered was one of two banks invited to join the organisation this year, in the first expansion of the Wolfsberg Group’s membership since its inception
The Bank of Tanzania (BoT) has emerged the winner of the award titled; “Best Governance Risk and Compliance Project in Africa” for 2015. The award was presented during the Asian Banker Technology Implementation Awards 2015 Ceremony organised by a journal ‘The Asian Banker’. The award was presented to Dr Modestus Francis Kipilimba, BoT Director of
