Selcom Enables Real-Time Interbank Transfers in Tanzania with ‘Qwiksend’

Leading innovators in mobile applications, products and services, including banking in Tanzania, Selcom, in collaboration with Business Connexion (BCX), has launched a new platform that will revolutionize the Tanzanian financial industry. Dubbed “Qwiksend”, the service will allow customers to make interbank fund transfers, in real-time, through the various digital access channels that are available to them countrywide.

“Our goal has always been to further financial inclusion in Tanzania and the launch of interbank transfers brings us one step closer to achieving that goal. Not only will interbank transfers open up a new avenue of funds transfers, but it will also enable smoother transactions that are cost effective for individuals, and small-scale merchants alike,” said Sameer Hirji, Executive Director of Selcom.

As of now, interbank transfers involve the traditional physical withdrawal and deposit or alternatively, the mobile transfer route which involves the loading of funds into one’s mobile wallet and then deposit into the beneficiary’s bank account. These routes are tedious and costly to the customer, denying the consumer the benefits of real-time transactions. Qwiksend service eliminates the double-charging effect and only charges the sender once, on sending funds. Since the Qwiksend service is managed by Selcom/BCX end-to-end, the service is quick, real-time and reliable. The charges associated with Qwiksend will be significantly cheaper than the current charges of existing transfer options in the market.

Qwiksend is fully operational and is expected to have over 20 participating banks by the end of March 2019 with the number expected to grow to 40 banks by the end of June 2019. Participation is through open banking Application Programme Interfaces (“APIs”) and settlement is handled by way of existing net-off settlement processes between banks.

Qwiksend will be available on standard mobile banking (USSD and App), internet banking and various other digital channels offered by banks countrywide, where the only requirement will be to select the recipient’s bank and then enter the destination account number, to complete transaction.