Tanzania: NMB Unveils First Wearable Payments

Dar es Salaam — NMB Bank has launched the country's first tokenised wearable payment solution, marking a key milestone in the digital finance evolution.

The innovation positions NMB at the forefront of efforts of the government to modernise the national payment ecosystem, as the bank continues to champion secure, convenient and inclusive cashless solutions. NMB's Chief of Retail Banking, Mr Filbert Mponzi, described the introduction of NMB-Tap as a landmark development in the country's transition towards a more digitally enabled economy.

"This is a world-class innovation and a clear affirmation of our leadership in setting banking standards in the country. It reflects NMB Bank's preparedness to continuously innovate and transform financial services, ensuring our customers benefit from secure, modern and globally competitive solutions," Mr Mponzi said.

NMB-Tap Wearables form part of the bank's broader strategic agenda to revolutionise retail payments in Tanzania by combining cutting-edge technology with customercentric design, ultimately supporting financial inclusion and the growth of the digital economy.

Also read: KIP shows job creation potential

Unveiled in partnership with global payments leader Mastercard, NMB-Tap enables customers to make secure, fast and cash-free payments using everyday wearable items such as rings, bracelets and payment stickers.

"As pioneers of wearable payments in the country, we are removing barriers to digital adoption while delivering unmatched speed, simplicity and security," he said.

NMB's Director of Investor Relations, Sustainability and Communications, Innocent Yonazi, said the innovation goes beyond the launch of a new product, describing it as a landmark step in the country's transition toward a truly customer-centric digital payments ecosystem.

"Through our partnership with Mastercard, NMBTap introduces a payment experience that has never existed before in Tanzania, fundamentally transforming how transactions are made and setting a new benchmark for future banking in the country," he said.

Shehryar Ali, Senior VicePresident and Country Manager for East Africa and Indian Ocean Islands at Mastercard noted that the rapid adoption of digital and contactless payments across the country demonstrates the public's growing demand for secure, convenient and efficient transaction methods.

Read the original article on Daily News.