Faidika, a Financial Services firm has launched a new product dubbed ‘Executive Loan’ which aims at providing up to 30m/- unsecured credit to government employees. Faidika Chief Executive Officer, Ms Marion Moore, told a news conference in Dar es Salaam that the Executive Loan product was one of the products to be used to facilitate
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
Electronic payment will soon extend to the courts of law in the country in a bid to solve the problems court users face when using the newly introduced bank payments system, the government has said. The Deputy Minister for Finance and Economic Affairs, Mr Adam Malima, told the National Assembly here yesterday that the government
SimbaPay a leading digital money transfer provider – announced the launch of the first product in the world that allows Kenyans living abroad to make M-Pesa PayBill payments. This is a new addition to the existing SimbaPay platform. M-Pesa PayBill is an M-Pesa service that has previously only been available to Safaricom M-Pesa subscribers in
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.
Equitel, Airtel’s first ever MVNO in partnership with Equity Bank has signed up over 800,000 subscribers and is targeting to sign up 100 million in the next 10 years. The firm has also said it will expand its service to over 15 countries across Africa where Airtel has a footprint. “We already have 800,000 accounts
Online and mobile money transfer service WorldRemit launched in Rwanda. Founded by Dr Ismail Ahmed, ‘the man changing the world of remittances’ according to the BBC, WorldRemit provides a quick, convenient, and low-cost way for people to send money to friends and family abroad. People in 50 countries can use WorldRemit anytime, anywhere, on their
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
At the World Economic Forum on Africa, MasterCard announced its partnership with Premier Bank, becoming the first international payments network to enter Somalia. As a result of the partnership, Premier Bank will now issue and accept the first MasterCard-branded payment cards in Somalia, a country that hasn’t had any form of formal banking service since
The National Microfinance Bank (NMB) says its net profit has slowed down as the result of reviewing lending procedures to maintain low defaulting ratio, as opposed to claims that the strategy was part of competition. NMB, the biggest bank in term of profitability, said despite a profit slowdown of 0.5 per cent to 38.36bn/- during
