Online banking shows solid service growth at TCB


At the end of last year, the online personal banking solution involved digital financial transactions which the Bank of Tanzania (BoT) valued at over 11,000,000,000/-.

The Tanzania Commercial Bank (TCB) has recently updated its online banking application in line with national aspirations to become a national digital economy which will ultimately lead the country towards a less cash economy.

The upgrading of payment systems by industry players such as TCB has not only brought value and many benefits, but has also propelled the online banking solution to unprecedented new heights.

Simply put, internet banking is an electronic system operated by banks that allows customers to access financial and non-financial banking products online.

In the words of Treasury Permanent Secretary Emmanuel Tutuba, who graced the relaunch of the TCB online banking application, the highly innovative has become a central part of the national payment system.

The BoT says in a new report that the involvement of companies like TCB in driving the national e-banking program and similar investments made by its financial industry peers and other strategic stakeholders have been critical to the development of the local payments industry.

“In Tanzania, cash is the most popular means/instrument of payment. However, other payment instruments other than cash have been introduced, including paper instruments (cheques, payment orders, bills of exchange and promissory notes), electronic funds transfers (EFT), card payments ( credit cards, debit cards, prepaid cards), internet banking, mobile banking and mobile money,” reads the BoT report.

Speaking recently on the TCB service upgrade, the lender’s Chief Mobile Banking Manager, Mr Allen Manzi, said the investment was worthy of the value for money involved. More importantly, the digital finance expert noted, everything was done in-house without any kind of external funding.

The approach of avoiding the purchase of the off-the-shelf app impressed Mr Tutuba who, in his speech, said the web service was a noble idea, which other public entities, especially banks, should imitate.

“I was impressed to learn that this digital service channel is also connected to the MUSE system to simplify payments for government institutions without necessarily having to go to bank branches,” noted the ministry’s top technocrat. Finance and Planning.

MUSE is the government payment system which is a key aspect of the e-government initiative, which promotes the use of ICT to improve the delivery of public services.

“TCB’s new online banking application has boosted the bank’s operations by reducing customer lines at our branches while simultaneously increasing online payments as more customers sign up for the platform. form. This further promotes inclusiveness as it is a platform that provides financial services that meet the payment needs and all transaction needs of customers,” Mr. Manzi noted in the exclusive interview.

“It’s financial inclusion as defined by the World Bank,” he explained, which is primarily about promoting universal access to banking and other financial services.

“TCB comprises a family of intellectual and innovative minds in various fields, which is why our online banking application was an internal initiative,” he added.

The TCB Internet Banking service has not only taken the local electronic payments industry by storm, but it is also selling like hot cakes. Like its predecessor, Manzi noted, the platform is fully integrated with all national payment systems, such as GePG, TISS, TACH TIPS and others like SWIFT, EAPS and SADC RTGS.

He said the service upgrade has been enthusiastically received in the market and has strengthened the bank’s credentials in serving customers and the wider national economy. As a result, Manzi pointed out, the country’s oldest lender saw an immediate influx of customers on boarding the app.

This was mainly made possible by allowing individual customers to self-register on the platform through the USSD menu. The development removed the hustle and bustle of customers filling in paper forms and queuing at TCB branches to sign up for the service.

Mr Manzi said there had been a 43% increase in the volume of transactions routed through TCB online banking from 2021 to 2022. Commenting on what the new service entails and how it differs from its predecessor, he said underline :

“The current online banking application is above all easy to register, customers with an individual/savings account can register through our USSD menu while our business customers are registered in a short period of time.

“Second, the application is highly secure in which customers receive a one-time password in addition to their own passwords as well as validation tokens for each transaction posted;

“It also facilitates all sorts of payments including GePG, TISS, TT, bulk payments, bank to wallet transfers etc. Finally, the app also offers the customer a number of options in terms of banking reports and financial statements.”

Mr. Manzi also believed that the competitive advantages and comparative merits of TCB Internet Banking in the highly competitive field of digital finance include the qualities of efficiency and convenience of consumer banking service as well as its user-friendliness and security features. unmatched.


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