Premier Majaliwa launches novel NMB instant digital loans service

Prime Minister of the United Republic of Tanzania Kasim Majaliwa (Centre) pressing a button to signify the official launch of Teleza Kidigitali campaign which is a combination of NMB Mshiko fasta loan, NMB Pesa Wakala and the QR Code payment. The campign was officially launched yesterday in Dodoma.  Looking on is the Banks Chairman of the Board Dr Edwin Mhede (right), NMB Bank's CEO Ruth Zaipuna (Left) and the Deputy Minister of Finance and Planning Hamad Chande.

 

 

Prime Minister of the United Republic of Tanzania Kasim Majaliwa (Centre) in a jovial mood moments after pressing a button to signify the official launch of Teleza Kidigitali campaign which is a combination of NMB Mshiko fasta loan, NMB Pesa Wakala and the QR Code payment. The campign was officially launched yesterday in Dodoma.  Looking on is the Banks Chairman of the Board Dr Edwin Mhede (right),  Deputy Minister of Finance and Planning Hamad Chand (first right) and NMB Bank's CEO Ruth Zaipuna (Left). 

Prime Minister of the United Republic of Tanzania Kasim Majaliwa (Centre) pressing a button to signify the official launch of Teleza Kidigitali campaign which is a combination of NMB Mshiko fasta loan, NMB Pesa Wakala and the QR Code payment. The campign was officially launched yesterday in Dodoma.  Looking on is the Banks Chairman of the Board Dr Edwin Mhede (right), NMB Bank's CEO Ruth Zaipuna (Left) and the Deputy Minister of Finance and Planning Hamad Chande.

 

 

By A Special Correspondent, Dodoma

 

NMB Bank has added an innovative impetus to Tanzania’s dynamic digital credits market by debuting the first ever exclusive banking sector e-money consumer lending service whose launch yesterday here was graced by Premier Kassim Majaliwa.

 

Elatedly impressed by the instant MshikoFasta virtual lending solution in which NMB now extends loans directly to digital borrowers without involving a third party, the Prime Minister said the online service removes a major roadblock that had for many years alienated many people from readily accessing banks credit.

 

Premier Majaliwa said the sixth phase government appreciates the top lender’s committed investments to advance digital financial services for all and recognises its innovations to make them affordable for majority people.

 

“I am very impressed with this MshikoFasta digital lending solution, which is going to facilitate quick access to credit to all citizen especially those who could not get banks financing like women food vendors, petty traders and boda boda riders,” Mr Majaliwa said before officially inaugurating the NMB Teleza Kidijitali market awareness campaign to promote digital financial inclusion in the country.

 

Apart from the speedier lending MshikoFasta solution that will enable NMB to supply more loans, the lender used the inauguration of the 10-month promotional drive to simultaneously debut two other revolutionary digital solutions, namely NMB Pesa Wakala and Lipa Mkononi.

 

Premier Majaliwa said the three solutions will not only make universal financial services possible but also play a pivotal role in the government’s efforts to create a national digital economy through inclusive finance. He said the unsecured digital loans platform caters for financially-strapped customers and can equally serve non-banked citizens, who central bank Governor Prof Florens Luoga said currently stands at 60 per cent.

 

The Prime Minister said the most interesting aspect of NMB Pesa Wakala is to support efforts of the government to address the challenge of mostly youth unemployment, which is a global phenomenon. The service allows any mobile phone owner to become an NMB wakala provided one has a business licence and possesses a national ID card.

 

Speaking earlier, the lender’s Chief Executive Officer, Ms Ruth Zaipuna, said the upgrade and an extension service to the current existing NMB Wakala offering will be leveraged on to broaden its agency banking base from the current 11,000 agents to over 100,000 in the next five years. 

 

Lipa Mkononi’ NMB mastercard QR is a scan to pay service for merchants that will enable customers to pay for goods and services at any point of sale by scanning a QR code. 

 

Commenting on the MshikoFasta digital lending service, Ms Zaipuna said the overdraft loans are applied for, approved, disbursed and repaid through both smartphones and feature mobile phones.

 

“This solution is designed to guarantee customers gain quick and seamless access to digital loans…NMB MshikoFasta provides real time access to either cash or allow bills payments when a customer has insufficient balance,” she pointed out.

 

According to her, the arrangement allows NMB customers to directly borrow from the bank up to TZS 500,000 in less than two minutes. That is unprecedented in the local banking industry.

 

MshikoFasta is also a first amongst NMB peers in the market that pioneers a new lending dimension that dawns a new local banking era, which will catalytically stir the country’s quest for a less cash economy.

 

“With this solution, we are affirming our commitment to spearhead value-driven mobile and digital loans in Tanzania by allowing our customers quick loans up to TZS 500,000,” she pointed out.

 

“Previously, customers used to access mobile lending through telecoms while being powered by a bank. With our solution, NMB is disbursing loans direct to the customers without any third party,” she added noting:

 

“The loaned amount can be paid either within a day, 5 days, 7 days, 14 days, 21 days, or 28 days whilst interest will depend on the borrowed amount vis-a-vis payment period. It is available through NMB Mkononi App and USSD.”

 

Ms Zaipuna said crafting of the new solutions took into account the SMEs folks since supporting them is always a top priority for the bank. According to her, that is why it has a TZS 200 billion loan kitty for petty traders to help address their capital needs through their SHIUMA lobby.

 

Deputy Treasury Chief Hamad Chande said the Teleza Kidijitali campaign and the three unveiled digital solutions will greatly boost the national financial inclusion agenda and help to propel the government’s efforts for a less cash society that is driven by a digitally powered economy.