Tanzania: ATMs Replace Mobile Phone Money Agents

Dec 27, 2017 | Tanzania Daily News; All Africa

MOBILE money customers can now withdraw cash through Automated Teller Machines (ATMs), thanks to technology advancement. The technology excludes mobile phone money agents and enable customers to make transactions twenty four hours a day, which is a big relief as most money agents open shops late and close earlier.

Through a partnership between Exim Bank and Selcom Tanzania, a customer now through the latter software, Cashpoint ATM network, can withdraw cash transacted through TigoPesa, M-Pesa, Airtel Money, and Halopesa. Exim's Chief Finance Officer (CFO) Selemani Ponda said to begin with the bank will put 100 such ATMs across the country in the first year and another 200 in the next year. "... We want to reiterate our commitment to do our best to create an environment where usage of financial services can be easily accessible," Mr Ponda said yesterday during the official launch of the cardless cash withdrawal services. Apart from saving costs, clients are endured extra agony since mobile phones money agents are consistently faced with inadequate liquidity levels. Also, the new service is to promote easy availability of cash at all time through shared infrastructure. Selcom Director for Strategy Benjamin Mpamo said the main objective of the partnership is to improve the financial inclusion through technology and ensure that financial services are easily accessible to all 'wananchi' across the country. " A customer simply enters the token, their phone number and amount to withdraw at any Selcom Cashpoint ATM to withdraw their cash," Mr Mpamo said. To withdraw cash, a customer, without a card, enters a secured-one-time token, phone number, and amount to the ATM and let the machine do the rest. The card and cardless cash withdrawal serve Selcom-managed banks' customers, Exim customers, all mobile money customers and any other local or international MasterCard or VISA cardholders. The new service that will see some 300 ATMs installed in two years, threaten employment of rural mobile money agents and it is the first of its kind in the country. Source: All Africa