Commercial banks which take up to five working days to clear cheques are violating central bank rules in which the exercise is supposed to be completed within three days. Bank of Tanzania Governor, Professor Benno Ndulu, has ordered the Director of Banking Supervision, Mr Agapiti Kobello, to conduct an investigation on the complaints. “I have
In its efforts to escalate its suite of mobile services, Exim Bank Tanzania has launched an application designed for smart phones. The application is currently available for Android, Windows, Black Berry and IOS Operating Systems. Exim Bank Group Head of Operations, Mr Eugen Massawe, said in a statement that the mobile app offers secure banking
University students can now acquire knowledge on e-commerce and how to open virtual shops and boost their sales thanks to an initiative from a local online shopping platform, Kaymu. According to a statement made available to the ‘Daily News,’ the initiative dubbed ‘Kaym University’ comprises six sessions which cover the basics of Kaymu, account and
Entrepreneurs from Somalia, South Somaliland and South Sudan were in the country for training on banking industry operations. The training provided by the Tanzania Women Bank (TWB) was aimed at helping them to learn about operations of the banking industry so as to be able to establish financial institutions in their countries. Speaking during the
Mastercard and National Microfinance Bank (NMB) have agreed to roll out 1.5 million MasterCardpayment cards in a move aimed at reducing cash dependence and enhance financial inclusion. As a result of the partnership, NMB will issue secure EMVChip and PinMasterCard prepaid, debit and credit cards over the next seven years. The cards will feature MasterCard’s
M-Pesa, Vodacom Tanzania’s flagship has launched an online payment service through the web-based platform of Vinjari which will allow local traders registered under Vinjari.co.tz to accept online payment for the purchase of services. The service allows travellers to book and pay for hotels, tour package and flights. Vinjari.co.tz platform has over 300 hotels and partners
Tanzania’s network of Automatic Teller Machines (ATMs) and Mobile Banking, the ‘Umoja Switch,’ has just gone regional; spreading its digital transactions’ tentacles into three neighbouring countries of Kenya, Rwanda and Uganda. With more than eight years of operation in the country ‘Umoja Switch,’ according to its Executive, Mr Danford Mbilinyi, is also rapidly expanding and
Tigo announced the first of its regular quarterly payments worth 3bn/- (US $ 1.8 million) to Tigo Pesa users. This payment comes three months after the company paid a staggering profit of TZS 14.25 billion (US $ 8.64 million) accumulated in the Tigo Pesa Trust Account to become the first mobile money service in the
IN a move to fight cyber crime and protect citizens from falling prey to cyber criminals, the government will next year table in Parliament three bills whose aim is to ensure protect electronic transactions and personal data information as well as ensure security. The Deputy Minister for Communication, Science and Technology, Mr January Makamba named
Tanzania is the first country in Sub-Saharan Africa and ninth globally for demonstrating most conducive environments for financial inclusion, according to the new Global Microscope 2014 by The Economist Intelligence Unit. The new study released this month shows the country has been outstanding in the region in financial inclusion and the regulatory framework has noted to
