Tanzania: Twiga Bank to roll out mobile banking solution

Aug 12, 2014

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

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

Chief executive officer Wallace Msemo told Tanzania Daily News: "We are
eyeing
to introduce internet and mobile banking before
the
end of this year and this will increase convenience among customers and will allow us operate where bank facilities are nonexistent."

He added that through internet banking customers will be able to access bank statements, see their balances and fill various forms online.

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.

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.

He told Central Banking last month that Tanzania surpassed this target at the end of 2013, and is now hoping to achieve 75 per cent within the next six years.

The governor singled out mobile phones as "one of the most critical links" between the unbanked population and financial services.
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