NMB, Vodacom partner in money transfer deals

The National Microfinance Bank (NMB) customers are now having a wider choice for deposit and withdrawal of cash, the signing of an agency agreement between the financial institution and Vodacom Tanzania.

M-Pesa agents are now working as the NMB Bank branches across the country. This comes after two years of an intensive study and creation of a software that enables the two companies “to talk” while adhere to fool-proof safety and security standards.

NMB’s Chief Executive Officer, Mr Mark Wiessing said the extension of deposit channels would enable the bank’s customers and non-customers to utilise over 40,000 Mpesa agents to make deposits directly into their bank accounts.

“Through this partnership of strength, NMB will be able to extend its distribution and in turn contribute significantly to improving their lives and economy in urban and remote areas,” Mr Wiessing told a news conference in Dar es Salaam.

Additionally, he added, over 1.8 million NMB customers will be able to transfer money from their bank account directly into a Vodacom M-Pesa - mobile wallet - so long as they are registered by the latter. 

NMB, the biggest bank in term of deposits and network, said this would add value to their logo “close to our customers” where depositors have a wide choice of using either 500 ATMs or 40,000 M-Pesa agents on top of branches.

Vodacom’s M-Commerce Chief Officer, Mr Jacques Voogt, said the partnership marks yet another milestone by extending M-Pesa agents network to NMB. 

NMB Head of Marketing and Communications, Mr Iman Kajula, said a customer would be charged 1,500/- for a maximum transaction that would not exceed 500,000/- withdrawal a day. 

The amount for withdrawal will be increased to 1m/- in the near future.

“This is not a huge fees compared to the other costs a customer incurred for moving around to deposit money at the branch. The most important fact is time saved,” Mr Kajula said. 

 Regarding safety and security, he said, this is one of the safest money transfer mode as a customer needs two password - for bank account and M-Pesa - before completing a transaction.

Vodacom M-Pesa is another addition to the broad self service offerings NMB provide to its customers including NMB mobile, Pesa- Fasta, ATMs, Fast Track, Customer Service Centre, PoS and Internet Banking.

Source: The Daily News, www.dailynews.co.tz, reported from Dar es Salaam 

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