NMB Embraces Plastic Money Payments

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 contactless technology, and signals the largest roll out of contactless MasterCard payment cards in Tanzania to date.

Contactless technology allows consumers to make fast, secure and more convenient payments. “NMB Bank is committed to providing innovative solutions and banking services to individuals as well as small and medium sized businesses,” said the bank’s CEO, Mr Mark Wiessing.

Mr Daniel Monehin, Division President, Sub-Saharan Africa, MasterCard said: “Through this partnership, we have combined MasterCard’s global payment technology with NMB’s dominant network of 170 branches, over 70,000 e-money cashpoints and the largest ATM network to give consumers more convenient, secure and reliable ways to pay.

“It is through collaborations like this that the people of Tanzania will gain access to state of the art financial services and be able to transact electronically in ways which were previously closed to them.”

NMB cardholders will be able to use their MasterCard payment cards to withdraw money from over 600 NMB ATMs and 1000 other ATM’s in Tanzania, in addition, from millions of ATMs that accept MasterCard globally.

They can also pay for goods and services at millions of retailers, fuel stations, restaurants, online shops and any other merchant that displays the MasterCard Acceptance Mark in more than 210 countries.

According to a recent MasterCard study, “A Progressive Approach to Financial Inclusion”,37.8 per cent of Tanzanians own a payment product, with the number of excluded citizens having halved since 2009.

“Over the past few years, Tanzania has made excellent progress in extending financial inclusion and financial services to the financially underserved.

“It is through the government’s supportive and forward looking regulatory policies and partnerships like this, which help the country reach its 50 per cent target by 2016 as set by the National Financial Inclusion Framework,” said Mr Monehin.

“Working together with the government, financial institutions, merchants and businesses, we will be able to help modernize the payment industry in Tanzania, reduce cash usage, deepen financial inclusion and enable more consumers to participate in the global economy.”

As more Tanzanians gain access to formal financial products and enter the growing emerging class, the need to develop premium banking services and products with a global appeal continues to grow.

Originally published on DailyNewsTanzania

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