Bank M (Tanzania) Limited has launched an enhanced payment service branded `Money Chapchap`, which is geared to providing ideal solutions to the new payment processing protocol recently introduced by the central bank (BoT).
The new payment service would allow the bank`s customers to execute electronic payments in Tanzania shillings in a fast, convenient and secure environment.
Speaking at the launch of the payment service in Dar es Salaam on Tuesday, Bank M chairman Nimrod Mkono said the service was intended to take care of the customer`s payment requirements as the Bank of Tanzania`s cheque-capping protocol came into effect.
He noted that `Money Chapchap` was being introduced a few days before commencement of the new payment processing protocol, which is scheduled to come into effect on Sunday (March 1).
Under the new protocol, he said BoT had introduced a value limit for cheques to be handled through the Electronic Clearing House at 10m/-.
He however said a direct consequence of the directive was that any business person having to make payments above the mandated cut-off limit of 10m/- would have to do so by electronic transfer through the Tanzania Interbank Settlement System (TISS).
``Since this is a major change in the way banking is being done in Tanzania and as it would impact the majority of customers, the bank, as a provider of value added solutions in payment settlements, felt necessary to bring to its customers answers and solutions to the issues involved with the proposed migration,`` Mkono said.
He further explained that the bank believed in and put into practice its belief that customers were the reason for the banks existence and success.
``Every product, every service, every delivery channel of the bank is carefully conceived, designed and implemented to take the standard of customer care to a level not heard of in the African market,`` he said.
Mkono also commended Tanzania, under the leadership of BOT, for becoming one of the first countries on the continent to have an efficient national payments system christened the Tanzania Interbank Settlement System.
``Over the last two or so years of it`s operation, TISS, as the payment system has popularly come to be known, has taken root in the business culture of the country,`` he said.
Charles Mhina, the bank`s head of Transaction Banking, said the service involved execution of urgent payment instructions originating from clients` accounts in favour of beneficiaries in Tanzania.
Explaining further on the mechanics of the service, Mhina said ``Money Chapchap` operated on real-time basis and was covered by Bank M`s exclusive Service Standard Guarantee (SSG) which assured that the client would receive the transmitted swift copy within one hour.
* SOURCE: Guardian
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