Africa-Press – Tanzania. Selcom Microfinance Bank Tanzania Limited has launched ‘Selcom Pesa,’ a digital financial service aimed at driving economic and digital transformation in the country.
Bank of Tanzania Governor, Mr Emmanuel Tutuba, stated that the initiative is expected to yield positive outcomes for the financial sector and boost Tanzania’s digital economy.
“The platform’s launch highlights Tanzania’s significant progress in financial inclusion, with a notable increase in citizens using formal financial services,” he remarked.
Mr Tutuba also called on other service providers to take advantage of government initiatives such as TIPS, which contribute to reducing operational costs and providing more affordable services to the average citizen.
Chairperson of the Board of Directors, Mr Leonard Mususa, acknowledged the Central Bank’s pivotal role in fostering an inclusive, secure and technology-driven financial environment.
Selcom Pesa aims to address these challenges by offering affordable, easy, and secure financial solutions to all Tanzanians.
“It is a transformative platform dedicated to empowering Tanzanians by providing seamless, secure, and affordable access to financial services,” he stated.
He said Selcom Pesa removes long-standing barriers to financial participation, paving the way for a more inclusive economy.
With its digital-first approach, Selcom Pesa sets new benchmarks for convenience and accessibility, reflecting banks shared vision for a prosperous and equitable financial ecosystem.
Further, it vindicates the premise that technology is meant to bring the cost of financial transactions down, instead of high fees being used as a justification to defend return on investments in technology.
The introduction of Tanzania Instant Payment System (TIPS) was highlighted as a key initiative to simplify financial transactions, making them faster, more affordable, and accessible to all Tanzanians.
The Selcom Pesa service stands as a testament to the private sector’s ability to leverage these systems, ensuring citizens benefit from high-quality, cost-effective financial services.
Commenting on the campaign, the Chief Executive Officer for Selcom Microfinance Bank Tanzania, Mr Julius Ruwaichi, said this is the first time in Tanzania where customers given a bundle to do transactions.
Selcom also unveiled the “5 kwa Jero” campaign, which enables customers to perform five daily transactions for just 500/-.
The initiative reflects Selcom’s commitment to driving economic growth and digital transformation in Tanzania, ensuring financial services are accessible, affordable, and efficient.
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