Tanzania: Equity Introduces Money Transfer Platform to Boost Remittance

EQUITY Bank Tanzania has introduced interbank money transfers and SADC SIRESS services to boost cross boarders' and regional remittance services.

The two new platforms, namely, Equity Bank Interbank transfers, allow real time transactions for the lender's customers in any Equity Bank group branches and Integrated Regional Electronic Settlement System (SIRESS) services that open up remittance transactions within the 16 SADC countries in any local currencies.

Equity Tanzania Managing Director Robert Kiboti said the SIRESS services that boast and facilitate monetary transactions to and from the SADC block merely cost 10 US dollars only regardless of the amount.

"We are proud to provide a reliable financial link between our Tanzanians customers with the rest of Equity bank network through our One Equity InterCountry services that allow seamlessly real-time transactions at a minimal cost," Mr Kiboti said during the launch in Dar es Salaam. The customers will be able to make deposits, receive deposits and make withdrawals at any Equity branch online in Kenya, Uganda, Rwanda, South Sudan, and Congo DRC as a domicile country.

"Also," Mr Kiboti said, "Equity customers can now transfer to an Equity customer in any country of operation.

"The primary purpose of the product is to provide solutions for Equity customers and non-customers [deposit only] across the Group to access their accounts and transact from any of the Equity Bank group subsidiaries, in any of the local currencies."

The lender believes that the service will be an important solution to facilitate cross-border payments between Tanzania, Kenya, Congo DRC, Rwanda, and the rest of the Equity network.

"I call upon all cross-border traders, including SMEs, transporters, and the likes to capitalize on these new services from us," said Mr Kiboti.

The SIRESS is an automated interbank settlement system by the SADC participating member countries of Angola, Botswana, Comoros, Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Tanzania, Zambia, and Zimbabwe.

"For us, it's all about lowering costs and reducing risks for those seeking to send and receive payments within the SADC block," the MD said.

Also, through the bank world-class digitization of the product, Equity customers will enjoy the freedom of accessing all these services at their convenience of Eazzy Banking App-, and Eazzy Net and Eazzy Biz- Intercountry Funds transfer on online banking platforms.

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