Tanzania: NMB to roll out 1.5m payment cards

Dec 09, 2014

The National Microfinance Bank (NMB) is to roll out 1.5 million MasterCard payment cards in Tanzania, in a bid to reduce cash dependence and enhance financial inclusion.

The National Microfinance Bank (NMB) is to roll out 1.5 million MasterCard payment cards in Tanzania, in a bid to reduce cash dependence and enhance financial inclusion.

It will issue secure EMVChip and PinMasterCard prepaid, debit and credit cards over the next seven years.

The cards will feature MasterCard's contactless technology, and signals the largest roll out of contactless MasterCard payment cards in Tanzania to date, Tanzania Daily News reports.

"NMB Bank is committed to providing innovative solutions and banking services to individuals as well as small and medium-sized businesses," said the bank's CEO Mark Wiessing in a press release.

The number of adults with access to financial services has doubled in the past five years in Tanzania.

Under the terms of the Maya Declaration, the Bank of Tanzania committed to increase the share of the population with access to financial services from 27 per cent in 2009 to 50 per cent by 2015.

Governor Benno Ndulu said a few months ago Tanzania surpassed this target at the end of 2013, and is now hoping to achieve 75 per cent within the next six years.ADNFCR-2976-ID-801764881-ADNFCR