Stanbic Bank Tanzania has launched a new suite of mobile payments and collection solutions designed to make cash collections and payments more efficient for organizations, as part of its efforts to offer convenient and secure banking.
Speaking at the launch event, the bank’s Head of Transactional Products and Services, Mr. Charles Mhina said the game changing payment and collection offerings – Mobile Bulk Payments and Till to Bank – will guarantee the bank’s clients across various sectors enhanced service delivery, reduction of high dependence on cash and provide merchants control over their collections.
Mobile Bulk Payment will allow organizations to make online payments from their Stanbic accounts to multiple mobile wallets including Tigo Pesa, Airtel Money, Ezypesa and Mpesa.
The solution will be offered on the bank’s Business Online platform, the corporate client’s equivalent of internet banking which offers corporate clients round the clock, convenient, fast and secure online banking capabilities for the efficient execution of their business transactions.
“The launch of this revolutionary solution is a demonstration of Stanbic Bank’s commitment to improve customer experience and efficiency when using our channels,” said Mr.Charles Mhina, Stanbic Tanzania Head of Transactional Products and Services.
The Till to Bank cashless payment product will enable merchants to receive direct payments from Mobile Network Operators, via Mpesa, TigoPesa and Airtel money payments from their customers through a formal Till number and funds will be instantly directed to their Stanbic Bank accounts.
“Stanbic Bank is at the forefront of innovation. Digital payment is now overtaking cash payments and we foresee majority of transactions to be cashless in the coming years. We stand at the helm of facilitating this to our clients,” Mhina said.
He explained that due to the market being cash dominated, this solution aims to reduce the receipt of payment burden businesses face on a day to day basis in receiving physical cash and to migrate customer behavior to a cashless payment environment.
Stanbic Bank Tanzania
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets.
The bank provides the full spectrum of financial services to public and private sector corporations, diplomatic missions and international organizations.
The group has been operating in Tanzania under the Stanbic Bank brand since 1995 focusing on all the key growth sectors in Tanzania, including agriculture, telecommunications, oil and gas, power and infrastructure and fast-moving consumer goods.