AfricaPress-Tanzania: EQUITY Bank-Tanzania is targeting to double its share of diaspora remittance to 60 per cent at the end of the year after partnering with eight global money transfers.
The lender said it closed the last year controlling 30 per cent of total country remittance and currently, it is a third top-earner in East Africa when it comes to remittancereceiving.
According to the World Bank there are 4.0 million Tanzanians in diaspora sending home close to 437 million US dollars in remittances 2019.
The Equity Managing Director Robert Kiboti said on Wednesday the move aimed at supporting the growing demand for remittances in the country and is expected to be an essential platform for diaspora to send money home.
“We’re excited to expand and reach more Tanzanians abroad so they can save and invest at home. The service is for both our customers and non-customers. “Along with our diaspora products, we aim to demonstrate our long-standing commitment and convenient service to Tanzanians abroad,” Mr Kiboti said during the soft launching of the products.
Equity is one of highly respected financial institution with an extensive network throughout the country and across the region.
In Tanzania it has 15 branches, 20 ATMs and 4,000 banking agents and mobile and online banking facilities.
The eight firms are Western Union, Money Gram, World Remit, Small World, SimbaPay, Transfast, Terrapay and Thunes.
“Our partnership with these money remittance giants will ensure our fellow Tanzanians in the diaspora have the widest choice of payout options when sending money back home.” Mr Kiboti said.
The lender, one of the largest in East Africa said the partnership with eight world renowned digital firms aimed at expanding their network expeditiously and provide 100 per cent coverage of countries popular with millions of Tanzanians abroad.
Equity’s Diaspora Manager Doreen Raphael said they are positive to reach their goal of 60 per cent this year based on their multiple partners.
“Our share of remittances was very low at beginning of last year but we managed to reach 30 per cent due to multiple players, technology transformation that reduces sending charges per transaction,” she said.
Using digital platforms managed to cut down sending fees to as low as 1.0 US dollar for cash-pickup. The diaspora are now able to send secure, instant bank transfers to friends and family in the country from anywhere in the world.
Terrapay’s Doreen Ngalo said the firm platform is digital and transactions are instant— operates in real-time. “Terrapay system heavily regulated by the central bank and ministry of finance and TCRA for security concerns… and counter checking money laundry,” Ms Ngalo said.
The bank will then disburse the funds using its instant payment service within 24 hours. “The monies can be disbursed in cash at any branch or agency or direct deposit to respective Equity Bank accounts,” Mr Emmanuel Ndatta said Equity’s Lead of International Money Transfer.
He said the service based on three pillars–accessibility, affordability, and reliability.
Equity Bank operates a business model geared towards serving all citizens and businesses inclusively in line with its vision to be the champion of the socio-economic prosperity
