Dar es Salaam. Maendeleo Bank has been granted a temporary national licence, replacing its previous regional licence, in a move aimed at expanding its reach to customers across the country.
The bank’s chief executive officer, Mr Lomnyaki Saitabau, said the Bank of Tanzania (BoT) had approved the transition, allowing Maendeleo Bank to enhance its Information and Communications Technology (ICT) systems, facilitate faster service delivery and promote financial inclusion.
Speaking at the official launch of its internet banking platform, Click Bank Smile, yesterday, Mr Saitabau said the new licence was a key milestone for the bank.
“We are pleased that BoT has granted us a temporary national licence. This aligns with our top priorities for 2025, which is to foster business growth through digital transformation and enhanced operational systems,” he said.
Mr Saitabau added that Click Bank Smile was part of the bank’s strategic plan to innovate and leverage modern technology to enhance service delivery.
“This service will enable customers to conduct transactions more conveniently, saving time and improving efficiency.”
Mr Saitabau also said the bank was working towards obtaining a permanent licence to operate as a fully-fledged commercial bank.
“The next step is securing a permanent national licence. Currently, we have moved from a regional to a temporary national licence,” he said.
The bank’s board chairman, Prof Ulingeta Mbamba, noted that the 2023 FinScope Survey showed an increase in the use of formal financial services to 80 percent, up from 65 percent in 2017.
“This growth has been driven by the expansion of digital financial services, particularly mobile banking. I strongly believe that the internet banking service we launched will not only benefit our customers but also contribute to economic growth by enhancing financial inclusion nationwide,” he said.
Prof Mbamba added that Maendeleo Bank was committed to supporting the government’s efforts to strengthen the digital economy and increase access to financial services.
He urged the public to embrace digital banking, saying it was designed to provide convenience and security for customers.
Maendeleo Bank’s project manager, Mr Nuhu Chonya, assured customers that security measures had been prioritised in the development of the new platform to prevent cyber threats.
“Our system has been designed with advanced security features to safeguard customer information and transactions. Criminals will not be able to interfere with customer funds,” he said.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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