THE Bank of Tanzania (BoT) has challenged financial institutions in the country to use technological evolution particularly mobile banking to enable the public to access financial services easily.
Speaking in Dar es Salaam yesterday, the BoT Directorate of National Payment System, Thomas Mongella said through physical bank branch system bankers failed to reach many people especially in rural areas and challenged them to use mobile banking technology.
He made the remarks after officiating the launch of the United Bank of Africa (UBA) Tanzania Limited mobile banking system dubbed 'Magic Banking'.
"It is my hope that through mobile banking technology people of all cadres would be able to access financial services easily in wherever they are," he said.
According to him, BoT supports the evolution of technology in banking service and encourages financial institutions to accept and use technological changes in financial services in order to reach many customers.
Speaking to the same occasion, the UBA Tanzania Limited Chief Executive Officer, Usman Isiaka said through Magic banking product will allow every registered phone user of any network to open an instant UBA saving account in the line with the bank's policy of democratizing. He said the goal is also to align with financial inclusion strategic objective of BoT.
"UBA is passionately committed to driving the financial inclusion objective through innovative banking products and services in the financial technology space that will ensure members of the public have the best banking experience via digital channels," he explained.
On his part, UBA Head of Consumer and Digital Banking, Mr Asupya Nalingigwa said not only does the magic banking code work on all phone type, it is safe, fast and convenient as well as does not require data on the phone to do a transaction.
"It is also allows a higher transaction limit of up to one million Tanzanian Shillings per day with the UBA Secure Pass (onetime password token) that provides enhanced security cover for the users," he commented.