New bank introduces up to date liquidity management facility

A new bank, Bank M, has introduced a specialized corporate solution, `Money Manager,` aimed at easing all the transactional banking modalities.

The bank`s Jacqueline Woiso, Co- Head (Corporate Banking - Sales) explained yesterday that the new solution will ease troubles over accounting for the receivables, payables and liquidity management among companies, businesses and government institutions.

`To remain competitive in the dynamic business environment, it is essential that corporate and institutions manage their receivables and payables efficiently,` she said

According to Woiso, `Money Manager` is a structured solution that offers convenience in the processes involving cash and cheque collections country wide, disbursement of payments and interest optimization with customized reports for any transaction.

She said that the product package is aimed at assisting customers with faster realization of their receivables.

`The product is bringing a one-stop solution in the day to day financial transactions relating to the actual receivables and payables in corporate accounts.

The bank`s Co- Head noted that for collection of receivables, Bank M can, through the networks of its correspondent bank?s branches accept cash at all major locations in Tanzania; as well as accept and clear cheques at outstation centers.

Similarly payments, including employees` salaries or suppliers` payment, can be taken care of at all major locations in Tanzania.

SOURCE: Guardian