More Tanzanians living in rural areas will now have access to banking services, starting next month from FINCA Tanzania.
FINCA
Tanzania Chief Executive Officer (CEO) Mr Tom Koscis said the licence
allows the financial institution to start offering savings products to
the public.
“The licence by the central bank, allows
us to accept deposits from the public and to carry out banking services
as a microfinance institution, making this a historic event in
Tanzania’s financial sector,” he explained.
This is an important step
toward financial inclusion as FINCA brings over 73,000 clients, mainly
from rural areas of the country who do not have access to banking
services.
“We are launching savings products that
are easy to access, easy to operate and at no fee at all.
"We are also
making it easy for our clients to open an account with minimal paper
requirements and procedures they are only required to carry the IDs to
our branches,” Mr Koscis noted.
In addition to the current 25 branches
countrywide, FINCA Tanzania is making progress with integrating mobile
technology into the company’s operations to improve access to services
and efficiency.
“Over 20,000 of repayments transaction
each month are cashless, using mobile money and development of
alternative delivery channels will continue and extend to other areas,
to make banking more accessible and affordable,” he added.
Source: The Daily News, www.dailynews.co.tz, reported by Rose Athuman in Dar es Salaam
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