NMB inaugurates new money transfer service

THE National Microfinance bank (NMB) has launched a new service dubbed Mobile Tanzania Interbank Mobile System (TISS) that allows customers to transfer up to 3m/- from one bank to another.

The new service according to the Head of Banking Operations, Mr Geofrey Mwijage, aims at reducing long queues and the cost of commuting in search for NMB branches for cash transfers.

“We want our customers to get a service that goes with the current technology and the good news is that we have complied with all the requirements and standard needed by the regulator ― the Bank of Tanzania (BoT),’’ he said.

According to him, a customer obtains the money transfer instantly and that those with registered Email addresses can receive a swift code that can be printed. “For those who require to pay school fees for their children through this service can be able to print the swift code and deliver the printed documents to the respective schools,’’ he added.

NMB has over 700 Automated Teller Machines (ATMs) and 189 branches countrywide as well as over 1.8 million subscribers of NMB mobile.

At a news conference, Acting Senior Manager, Written Liability, Insurance Services and Value Added Services, Mr Stephen Adili, said with the bank’s new services, customers can now be able to send money to other banks in the country within a short time and in simple process that does not require filing in forms.

“Immediately after the transaction, a customer shall receive a text message to indicate that the transaction was performed well and we will equally send an Email to a customer telling him or her that the exercise was done well.

He said NMB was the first financial institution in the country to offer the service, expressing optimism that it was yet another revolution in the various services offered by the bank.