E-banking 'has made headway in Tanzania'

Jun 23, 2011

E-banking in Tanzania has reportedly made significant advancements since its introduction.

Almost every commercial bank in Tanzania now offers internet banking services, which enable customers to access their accounts at any time of day. According to the Daily News, institutions such as Citibank, Standard Chartered and Bank M all use the AsyBank system to promote the use of e-banking for money transfers and tax payments by clients. Citibank claims that its CitiDirect banking service allows Tanzanians to be more efficient and flexible, thus giving them greater control over the way they manage their money. Additionally, Chairman of Bank M Nimrod Mkono said while launching the organisation's Money.Mapato service that the system avoids long queues when tax deadlines approach and makes transactions "smooth and stress-free". Bank M is one of 29 licensed commercial institutions in Tanzania and offers both wholesale and private banking services.Mr Mkono said the enterprise has been at the "forefront" of providing e-money solutions that meet the needs of those living in the country.