One of the largest commercial banks in Tanzania, The National Microfinance Bank PLC (NMB) has doubled the number of agents for NMB Wakala in an approach to bring banking services closer to customers. Last year, NMB Launched NMB Wakala - a Direct Agency Banking that sees NMB customers and non-customers access banking services through appointed agents countrywide.
Agency banking is an alternative channel for distributing banking services through appointed merchants/retailers to provide basic banking services to customers on behalf of the bank under a specified agency contract within the regulated framework. It has become an essential component in bringing NMB services closer to the people and there is no doubt it will expand distribution network and create convenience.
With NMB Wakala, Customers can do cash in, cash out and account enquiries through approved agents through the Direct Agency Banking with affordable transaction fees for customers and agent’s better commission. NMB Wakala now has over 2000 registered direct agency banking agents.
“we are happy to register this milestone and definitely doubling the number of agents from 1000 to over 2000, with these number of agents, we are optimistic that we will bring services even more closely to our customers while creating simplicity and convenience to them,” NMB Head of Alternative Channels, George Kivaria said.
Mr Kivaria added that the introduction of this service will create convenience for allowing the unbanked and under banked communities to access financial services close to them while minimizing the distance they can travel to access NMB branches.
“NMB Wakala also complements the current branch network of over 189 Branches, 700 ATMs countrywide while providing through MNO collaboration and hence offering over 8,000 points of presence for basic banking” said Mr Kivaria.
Some of the offerings that NMB Wakala provides includes cash deposits and withdrawals, balance enquiry and Mini-statement, payment services by cash (Luku, TRA, TV subscription), School/College fees payment, Airtime purchase by cash and fund transfer.
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