The National Microfinance Bank (NMB) Chief Executive Officer, Ben Christiaanse has cited the prevailing sorry state of information and communication technologies (ICT) as undermining smooth banking operations in Tanzania.
The NMB boss made the remarks in Dar es Salaam early on this week while launching business account and bank`s new tariff guide.
According to Christiaanse, money transactions between two or more banks are slowly effected due to poor `state of the art` of ICT platforms.
Enhanced ICT infrastructure, he said, will simplify the financial security procedures that have to be followed by transacting banks before money is effectively transferred from one end to another.
`The procedures are for security purposes to ensure that the transacted money and all information that governs it is safe,` said the CEO, adding that the speed of transaction can only be improved through enhanced ICT platforms, he said.
He reminded the audience that delay in money transfer is now a history in developed countries where banks and financial institutions use high technology ICT mechanisms which ease documentation and therefore easing cash transfer business.
Speaking on the business account and new bank`s tariff guide, NMB Chief Commercial Officer, Bas Nierop said that effective tomorrow, no more tariffs would be charged on money transfer for bank’s customers.
`There will also be no charges for any money deposit and withdrawal and that customer can withdraw up to 5m/- at zero tariffs,` said Nierop adding that the move is part of bank’s efforts to bring financial services very closer to unprivileged people.
SOURCE: GUARDIAN
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