Africa-Press – Tanzania. THE Bank of Tanzania (BoT) has challenged financial institutions provide effective and affordable services to communities that will help boost the economy and reduce poverty.
The BoT Deputy Governor (Department of Financial Stability and Deepening) Dr Bernard Kibese made the remarks in Dar es Salaam yesterday during the launch of digital lending services through a mobile phone dubbed ‘Kamilisha’ introduced by Airtel Money in collaboration with I&M Bank Tanzania.
“BoT will always focus on encouraging this partnership in the financial sector to provide access to credit thereby promoting the key objectives of financial inclusion in the country,” he explained.
He urged the two institutions to ensure the financial services were easily accessible to the public. Mr Kibesse added that Kamilisha was one of the initiatives that Airtel Money and I&M bank had undertaken to promote financial inclusion and deliver value for their customers.
An overdraft money service will enable customers to complete their transactions without sufficient funds in the Airtel money wallet, subject to terms and conditions.
The transactions that customers will complete using Kamilisha include person to person transfer, purchase of airtime and data bundles and bill payment to Luku, Dawasa.
The Director of Airtel Money Services Mr Isaac Nchunda said they had been looking for innovative ways to fulfill customers’ day to day needs, especially the convenience of financial transactions.
“We are committed to find new solutions that are transforming the lives of the public and providing financial empowerment,” he said.
According to him, the service is aimed to help Tanzanians who do not have access to bank services access bank loans.The interest rate of loan will be one percent and be repaid within 15 days. Kamilisha initiative is powered by Yabx, a fintech venture offering credit products across 12 countries in Africa.
The I&M Tanzania,Chief Executive Officer, Mr Baseer Mohammed added that a strategic partnership with Airtel has been a key digital innovation to provide access to financial solutions to a large section of the banking community.
Moreover, Airtel money aims at increasing financial inclusion and meeting the needs of millions of customers in Africa who have little or no access to banking and financial services.
