Three-way partnership launched to promote saving culture

DAILY NEWS Reporter

AIRTEL customers can now access saving products and services, thanks to three-way partnership between Airtel Tanzania, Letshego Bank Tanzania and JUMO Tanzania Services Company.

The Bank of Tanzania (BoT) Manager responsible for Oversight and Policy Department in the Directorate of National Payment System, Mr James Masoy said the initiative will reach low income earners who are financially underserved.

“The three-way partnership gives Airtel customers more saving options that ultimately promote saving culture in the country,” Mr Masoy who represented BoT Governor said in Dar es Salaam yesterday after launching the initiative.

Customer can begin by saving as little as 100/- with Timiza Akiba and get reward for saving towards financial buffer instead of spending hard earned cash. The reward is calculated as a percentage of total savings on a balance of any size, ultimately encouraging and supporting the growth and development of healthy savings.

Mr Rohit Tandon who represented Airtel Tanzania Managing Director said the Timiza Akiba solution will revolutionalise saving culture and behaviour in endevour to promote financial inclusion. “With Timiza Akiba Airtel customers will get up to 5 per cent interest depending on the amount of money saved,” he said adding that the three-way partnership aims at making saving easy and profitable for customers.

Statistics show that 56 per cent of people can borrow for various motives and out of them 63 per cent access loans from informal platforms. On his part, Letshego Bank Tanzania Chief Executive Officer, Mr Thabit Ndilahomba, said the initiative would reach the financially deprived rural population.

“The bank has been operating in the country for the last 12 years and with the new innovative technology through Timiza Akiba, more people would access various financial products and services,” he said.

For JUMO representative Mr Townsend-Rose, the technological platform would provide easy saving solutions to low income earners across the country, which is important for future investment. “We continue to provide innovative products to support easy access to financial products and services to majority of the population,” he said.

He said the technology provide- JUMO operates in five African countries and Asia to ensure low income earners get access cost efficient financial services through technology.