The National Microfinance Bank (NMB) said it plans to enhance financial inclusion using mobile phone technology blended with internet services. Though, some quarters see mobile transaction as cashin-cash out, the bank want to reverse the phenomenal and create a cashless society where almost all payments are done through mobile handsets. The NMB Managing Director, Ms
Tanzania has surpassed its financial inclusion target of 50 per cent, some two years ahead of deadline in 2016, thanks to mobile transaction platform. The Bank of Tanzania (BoT) is now working on a new goal after the country registered a financial inclusion of 55 per cent in 2014 well ahead of Maya (Mexico) declaration
The Ecobank Group was named African Retail Bank of the Year at the Global Retail Banking Awards ceremony in London. The Ecobank Group won the award over four other finalists, CRDB Tanzania, FirstRand (South Africa), Standard Bank South Africa and United Bank of Africa. Retail Banker International sponsors the award. It provides in-depth analysis for the retail-banking sector.
Bank M, one of the youngest and fastest growing banks in the country, gained international recognition after bagging “Commercial Bank of the Year – Tanzania for 2015” award from the International Banker magazine. The award was presented during the International Banker 2015 Banking Awards event held at the London Stock Exchange (LSE) recently. Bank M,
Tanzania Postal Bank (TPB) will bring some 25 banks worldwide to the country to discuss ways of increasing financial inclusion in Africa, where Tanzania is lagging behind. The country’s financial penetration, excluding mobile banking, is still 14 per cent way behind 23 per cent of the recommended rate for Sub-Sahara Africa. The TBP Chief Executive
The National Microfinance Bank (NMB) and CRDB Bank have posted almost matching first quarter net profit this year with the latter’s profit surging to catch up with the former to underline intensifying competition between the two largest banks in Tanzania. Financial statements issued recently shows that the NMB net profit went up slightly by 0.5
Tangazoletu Limited, a Kenyan ICT firm that develops and provides innovative, versatile and reliable ICT & Mobile Solutions won the Think Business Banking Awards 2015 in the Special Award for Product Innovation for their product, Spot Cash. The Banking Awards 2015 were the tenth celebration of the achievements of the banking sector. This year’s theme was “Innovating banking
Dar Es Salaam Stock Exchange (DSE) has positively received CRDB Bank right offer pushing its share price up by 1.2 per cent in a week to 420/- up from 415/-, after shareholders approved the issue. Tanzania Securities Weekly Commentary shows that bank counter accounted for 36 per cent of the total turnover and 99 per
CRDB Bank has managed to mobilise 254.4bn/- deposits through agent banking which was an increase of over 700 per cent in 2014. The bank’s FahariHuduma agent banking scheme was introduced in 2013 and in the first year managed to mobilise 31.7bn/- deposits. The agent banking though in its nascent stage has managed to recruit 1,067
The revolutionary mobile banking product launched last month between KCB and Safaricom, dubbed KCB–M-PESA has hit a major milestone by reaching 1 million accounts, just a month after it was launched. The account signed their 1 millionth customer this week with both firms indicating that the mobile financial product has in excess of KShs. 700Million
