Tanzania NMB Bank’s financial inclusion drive with new account

The bank yesterday introduced its NMB Pesa Account product to allow Tanzanians to open a bank account within two minutes.

“With this new product, one can open a savings account – using his/her mobile phone – and start using it [the account] within two minutes,” NMB Bank’ head of consumer banking Aikansia Muro said during the event to launch the product in Dar es Salaam yesterday.

The event, which was held at the Magufuli Bus Terminal, was graced by Dar es Salaam Regional Commissioner Amos Makalla.

Ms Muro said the product was one of the digital alternatives that the lender was employing to turn banking into a stress-free exercise. “In fact, currently, 94 percent of transactions within NMB are conducted via alternative channels,” she said.

She revealed that the bank has managed to beat its 2022 account opening target whereby a total of 1.012 million accounts have so far been opened, against a target of one million. “NMB Bank opens over 3,000 accounts every day. We want to show that Tanzania has reached a point whereby holding a bank account is no longer an option but a necessity,” she said.

According to NMB Bank retail banking chief Filbert Mponzi, holders of the NMB Pesa Account will also be connected to the lender’s digital loans which are codenamed ‘Mshiko Fasta’ and which allow a client to get a loan of up to Sh500,000 using a mobile phone and without visiting a bank branch.

In his remarks, Mr Makalla said Tanzania has reached a point whereby the efficacy of a banking outfit is measured by the way it designs products and solutions that enable clients to do banking without the need of a string of paperwork and collaterals.