MasterCard and National Microfinance Bank (NMB), Tanzania's largest bank, today announced an issuance agreement to roll out 1.5 million MasterCard payment cards that will assist in reducing cash dependence and increase financial inclusion through the provision of electronic payments.
As a result of the partnership, NMB will issue secure EMV Chip and Pin MasterCard prepaid, debit and credit cards over the next seven years. The cards will feature MasterCard's contactless technology, and signals the largest roll out of contactless MasterCard payment cards in Tanzania to date.
Contactless technology allows consumers to make fast, secure and more convenient payments, and is ideal for quick payment environments where speed and convenience matter most such as taxis, buses, major retailers, grocery stores and fuel stations.
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[TD]NMB CEO-Mark Wiessing (center) and MasterCard Vice President, Sub-Saharian Africa, Daniel Monehin sign an agreement to roll out 1.5 million MasterCard payment cards in Tanzania. Looking on is NMB Head of Personal Banking-Abdulmajid Nsekela.
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"NMB Bank is committed to providing innovative solutions and banking services to individuals as well as small and medium sized businesses," said Mark Wiessing, National Microfinance Bank Chief Executive Officer.
"We are pleased to work together with MasterCard, whose global payments technology and expertise will provide relevant payment products for our growing customer base." Commenting on the collaboration, Daniel Monehin, Division President, Sub-Saharan Africa, MasterCard said: "Through this partnership, we have combined MasterCard's global payment technology with NMB's dominant network of 170 branches, over 70,000 E-money cashpoints and the largest ATM network to give consumers more convenient, secure and reliable ways to pay.
It is through collaborations like this that the people of Tanzania will gain access to state of the art financial services and be able to transact electronically in ways which were previously closed to them." NMB cardholders will be able to use their MasterCard payment cards to withdraw money from over 600 NMB ATMs and 1000 other ATM's in Tanzania, in addition, from millions of ATMs that accept MasterCard globally.
They can also pay for goods and services at millions of retailers, fuel stations, restaurants, online shops and any other merchant that displays the MasterCard Acceptance Mark in more than 210 countries. According to a recent MasterCard study, "A Progressive Approach to Financial Inclusion", 37.8 percent of Tanzanians own a payment product, with the number of excluded citizens having halved since 2009. [TABLE="width: 662"]
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[TD]NMB CEO Mark Wiessing (right) and MasterCard Vice-President, Sub Saharian Africa, Daniel Monehin exchange a signed agreement to roll out 1.5 million MasterCard payment cards in Tanzania.
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"Over the past few years, Tanzania has made excellent progress in extending financial inclusion and financial services to the financially underserved. It is through the government's supportive and forward looking regulatory policies and partnerships like this, which help the country reach its 50 percent target by 2016 as set by the National Financial Inclusion Framework," said Monehin.
"Working together with the government, financial institutions, merchants and businesses, we will be able to help modernize the payment industry in Tanzania, reduce cash usage, deepen financial inclusion and enable more consumers to participate in the global economy." As more Tanzanians gain access to formal financial products and enter the growing emerging class, the need to develop premium banking services and products with a global appeal continues to grow.
To cater to this demand, NMB will also introduce for the first Time in Tanzania the World Rewards card- exclusive for NMB customers- a premium MasterCard product, to its affluent customers, many of whom are frequent travelers. World Rewards cardholders will be able to earn loyalty points on their card spend, which can be redeemed for flights at over 800 airlines worldwide, car rentals at major car rental brands and hotel stays at over 160,000 hotels globally.
"At NMB, we believe that it is important to anticipate our customers' needs and wants, and reward them for their loyalty. We are thrilled to be the first bank in Tanzania to introduce this revolutionary rewards program that gives our affluent customers access to a wide range of priceless privileges including our existing business centres that cater for business customers and the soon-to-be-launched premier branches which will serve our high-end customers" said Wiessing.
Source: NMB website.
As a result of the partnership, NMB will issue secure EMV Chip and Pin MasterCard prepaid, debit and credit cards over the next seven years. The cards will feature MasterCard's contactless technology, and signals the largest roll out of contactless MasterCard payment cards in Tanzania to date.
Contactless technology allows consumers to make fast, secure and more convenient payments, and is ideal for quick payment environments where speed and convenience matter most such as taxis, buses, major retailers, grocery stores and fuel stations.
[TABLE="width: 639"]
[TR]
[TD]
[/TR]
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[TD]NMB CEO-Mark Wiessing (center) and MasterCard Vice President, Sub-Saharian Africa, Daniel Monehin sign an agreement to roll out 1.5 million MasterCard payment cards in Tanzania. Looking on is NMB Head of Personal Banking-Abdulmajid Nsekela.
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[/TR]
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"NMB Bank is committed to providing innovative solutions and banking services to individuals as well as small and medium sized businesses," said Mark Wiessing, National Microfinance Bank Chief Executive Officer.
"We are pleased to work together with MasterCard, whose global payments technology and expertise will provide relevant payment products for our growing customer base." Commenting on the collaboration, Daniel Monehin, Division President, Sub-Saharan Africa, MasterCard said: "Through this partnership, we have combined MasterCard's global payment technology with NMB's dominant network of 170 branches, over 70,000 E-money cashpoints and the largest ATM network to give consumers more convenient, secure and reliable ways to pay.
It is through collaborations like this that the people of Tanzania will gain access to state of the art financial services and be able to transact electronically in ways which were previously closed to them." NMB cardholders will be able to use their MasterCard payment cards to withdraw money from over 600 NMB ATMs and 1000 other ATM's in Tanzania, in addition, from millions of ATMs that accept MasterCard globally.
They can also pay for goods and services at millions of retailers, fuel stations, restaurants, online shops and any other merchant that displays the MasterCard Acceptance Mark in more than 210 countries. According to a recent MasterCard study, "A Progressive Approach to Financial Inclusion", 37.8 percent of Tanzanians own a payment product, with the number of excluded citizens having halved since 2009. [TABLE="width: 662"]
[TR]
[TD]
[/TR]
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[TD]NMB CEO Mark Wiessing (right) and MasterCard Vice-President, Sub Saharian Africa, Daniel Monehin exchange a signed agreement to roll out 1.5 million MasterCard payment cards in Tanzania.
[/TD]
[/TR]
[/TABLE]
"Over the past few years, Tanzania has made excellent progress in extending financial inclusion and financial services to the financially underserved. It is through the government's supportive and forward looking regulatory policies and partnerships like this, which help the country reach its 50 percent target by 2016 as set by the National Financial Inclusion Framework," said Monehin.
"Working together with the government, financial institutions, merchants and businesses, we will be able to help modernize the payment industry in Tanzania, reduce cash usage, deepen financial inclusion and enable more consumers to participate in the global economy." As more Tanzanians gain access to formal financial products and enter the growing emerging class, the need to develop premium banking services and products with a global appeal continues to grow.
To cater to this demand, NMB will also introduce for the first Time in Tanzania the World Rewards card- exclusive for NMB customers- a premium MasterCard product, to its affluent customers, many of whom are frequent travelers. World Rewards cardholders will be able to earn loyalty points on their card spend, which can be redeemed for flights at over 800 airlines worldwide, car rentals at major car rental brands and hotel stays at over 160,000 hotels globally.
"At NMB, we believe that it is important to anticipate our customers' needs and wants, and reward them for their loyalty. We are thrilled to be the first bank in Tanzania to introduce this revolutionary rewards program that gives our affluent customers access to a wide range of priceless privileges including our existing business centres that cater for business customers and the soon-to-be-launched premier branches which will serve our high-end customers" said Wiessing.
Source: NMB website.