Tanzania: Ecobank Tanzania Unveils Two Digital Payment Systems

Sep 21, 2017 | The Citizen; All Africa

Ecobank Tanzania has unveiled two digital payment solutions on Wednesday, September 20, 2017 aimed at easing retail payment.

Using the platforms known as Masterpass and M-Visa which are available in the Ecobank Mobile Application, the bank says it will help to promote financial inclusion among Tanzanians. Speaking to journalists today, Ecobank's managing director Ms Mwanahiba Mzee said the new banking services will guarantee safety and easy financial transactions. "This service can be used by any person be it a customer or non-customer, all one needs is a smartphone with Ecobank's application," she said. While demonstrating how the new services operate, Ecobank's manager for electronic channels Mr Filemon Tesha said the importance of using these new services include getting money faster and also increasing sales to all merchants. He also said the digital services charge 0.5 per cent at the points of sales (POS) while the normal charges for money transactions range from 3 per cent to 5 per cent of the transaction made. Read more on All Africa. Source: All Africa