Tanzania: Equity Bank launches new mobile banking platform

Aug 28, 2014

Equity Bank has unveiled on Tuesday (August 26th) a new mobile banking platform in Tanzania.

Equity Bank has unveiled on Tuesday (August 26th) a new mobile banking platform in Tanzania.

Dubbed EAZZY 24/7, it
the bank's customers access banking services such as money transfer, bill payment, airtime top up, and checking an account balance using their mobile phone.

Equity Bank's managing director in Tanzania told the Daily News that the introduction of the service will mean that users are able to transact anywhere, anytime conveniently.

He added that the platform can be used through Vodacom, Airtel, Tigo, and Zantel and will make banking services more accessible and affordable, and thus bring
more people into the formal banking system.

"The mobile phone boom has laid down a strong base for low cost banking and the growth of mobile phone solutions in rural Tanzania shows that it can attract customers," he said.

This announcement coincides with the launch of two other mobile banking services in Tanzania. Rapid Communications, a remittance to mobile phone service, lets Tanzanians receive money from their acquaintances living in the United Kingdom and the United Arab Emirates directly on their mobile.

In addition, Twiga Bancorp, a government-owned bank, has announced plans to offer internet and mobile banking services before the end of 2014.

Mobile banking is more and more popular in the East African nation and Bank of Tanzania governor Benno Ndulu said he believes his country is "on the cusp of a phenomenal success" after seeing the number of adults with access to financial services double in the past five years, with mobile phones as "one of the most critical links" between the unbanked population and financial services.

He told Central Banking last month that the share of the population with access to financial services surpassed 50 per cent at the end of 2013, and is now hoping to achieve 75 per cent within the next six years.ADNFCR-2976-ID-801744926-ADNFCR