Digital innovation has reached a new level with Stanbic Bank Tanzania’s latest self-onboarding solution dubbed BOFYA BOFYA, which aims to enhance customer experience by simplifying the account opening process.
The self-registration process allows customers to open accounts on the bank’s website by following quick and easy steps. The convenient service is equipped with security features to ensure safety and is protected with two-factor authentication via SMS verification.
Commenting on the service, the bank’s Head of Physical Channels, Jennifer Hillal said: “Stanbic has always been at the forefront of digital banking solutions. Self-onboarding is part of the bank’s innovative solution that aims to enhance customer experience and we have heeded to the call for financial institutions to expand the accessibility of banking services throughout the country by the government.”
She added: “Bofya Bofya will be of immense benefit to all Tanzanians as they will get to open accounts wherever they are. We will continue to introduce more innovative services to make banking available anywhere at any time.”
This model has been adopted by many financial and non-financial institutions in other parts of the world. The emerging banking technologies continue to simplify banking for customers, foster financial inclusion as well as drive economic growth.
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets. Stanbic Bank Tanzania provides the full spectrum of financial services. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate & Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Stanbic Bank Tanzania’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.