Operator Tigo Tanzania has partnered with DCB Bank to expand financial inclusion for the unbanked through a service partnership that will enable customers to access the bank’s services through mobile pyament service Tigo Pesaʼs network of mobile money agents.
DCB says it plans to leverage Tigo Pesa mobile money agents to mobilise deposits and offer customers enhanced options for fund withdrawals.
The service was, it seems, initiated in response to the challenges, including high costs and demanding management requirements, encountered by smaller and mid-tier banks when embracing the agency banking model.
DCB says it has been managing a robust agent network for more than a decade, creating livelihoods for more than 200,000 agents. Thus, this service aims to help banks improve their market presence seamlessly, without the worries of recruitment, documentation, training, POS device provisioning, and day to-day management.
It will, of course, also benefit DCB Bank and offer new opportunities for Tigo Pesa.
Tanzania’s Citizen news service quotes DCB Bankʼs Legal Manager and Company Secretary, Ms Regina Mduma, as saying that this partnership will create convenience for customers, allow the bank to provide them with a wider range of services, and make it easier for them to access their money.
To seamlessly deposit or withdraw funds from bank accounts through selected Tigo Pesa Wakalas (or agents), all customers need is a Tigo SIM.
Is this a viable future for mobile finance? It’s probably just one of many futures as the service evolves. See our new feature on the topic for more on where mobile money has been and where it’s going.
