National Microfinance Bank (NMB) efforts to serve the financially underserved have shown impressive results after registering over 250,000 customers through ‘chap chap’ account.
The NMB Head of Alternative Channels, Mr George Kivaria, said in Dar es Salaam that the use of mobile technology and Point of Sale (PoS) have played vital role in the opening of ‘chap chap’ account, the initiative that have seen many people entering into the formal banking system.
“Technology has been playing key role in increasing NMB customer base as well as reaching the financially excluded people particularly in the rural areas,” he said, adding that NMB is continually investing heavily on technology in order to reach and serve more people at low cost.
He said for banks to adopt mobile technology is no longer an option but a necessity for them to reap benefits from the ongoing technological revolution.
“This is why NMB Bank has invested on latest technology that has proved efficient in protecting and reducing cases or risks of cyber crime.
For example, MasterCard technology expected to start officially in June this year, is of the highest technology to be accessed easily by cyber criminals,” he said.
Mr Kivaria said contrary to other bank accounts, there were few requirements needed for opening ‘chap chap’ account, thus an opportunity for many people to own it.
The minimum amount for opening bank account is 10,000/- and provide 5 per cent interest annually.
NMB Bank is listed at the Dar es Salaam Stock Exchange (DSE) and on Monday its counter had 5,270 shares that traded at weighted average price of 3,610/- per share in 12 deals.
Last week, the NMB counter was the only counter that recorded price appreciation for local listed companies by 20/- or 0.55 per cent. The bank was among the top movers in terms of price and volume of shares.
Originally published on DailyNews Tanzania
