Tanzania: How Banks Change People's Lives in Tanzania

THE world of banking has changed significantly over the past decade in Tanzania to meet the demands of modern lifestyles and this is what the fifth phase government has been preaching.

This is because technology has transformed the way banking services and products are delivered. With the use of mobile services and smartphones, banking products and services have completely been transformed.

This has led to willing financial institutions take advantage of the new technologies in a bid to improve their services and their respective provisions. In pioneering digital transformation, the financial institutions have had a series of reforms which enable extremely fast and dynamic adaptability in an ever-changing environment.

We remember that in the previous years, customers with bank accounts had to go to their respective banks' windows (with an aid of a teller) to deposit or withdraw cash and this was not only inconvenient, but it also came with its own risks such as robbery or theft.

Those are the years when people experienced a lot of inconveniences while doing their financial transactions. But now, the good news is that the financial transactions have been much easier than before, thanks for the so-called "convenient banking" where one does not necessarily need to go to a banking hall to draw or deposit cash whilst being aided by a teller or bank's representative.

Nowadays, going to the banking hall is purely on one's choice or preference or when one has enquiries that may require a one-to-one meeting. We no longer need to walk with bulks of cash in our pockets.

Through various convenient banking means, our money is now on our hands and we can access it anytime from anywhere through either mobile banking, banking applications or bank cards.

Modern lifestyles, urban mobility and transit payments are closely interlinked with the financial services offered to a number of customer segments such as large and mid-size corporates, agriculture and retail businesses, the former being continuously and seamlessly integrated into the latter.

With the growing demand of convenient transactions, banks are ought to know their customers' requirements, anticipate their needs and offer products and services most relevant to their customers' requirements. This has seen the financial sector innovate ideas and projects to meet their needs and at the same time motivate the move towards convenient banking through rewards.

For example, a visit to Exim Bank Tanzania realised what banks do, coming out with innovative ideas and transforming them into modern way of banking for their customers to enjoy better services and improve their living through banking.

Inevitably, the financial sector is extremely important in the driving of the world economy as millions of people are daily involved into daily financial transactions and other best services offered by financial institutions, among others, Exim Bank.

The banking industry has drastically improved and for Exim Bank, a customer does not need to carry cash for his daily needs, be it on a vacation, business transactions or doing payments during family day outs. They simply need to use their cards which can be used locally and internationally to enjoy best services offered by the bank in support of their lifestyle.

The bank offers various types of cards through Mastercard. To mention a few, Exim Bank has a card called 'Faida Debit Card' that is loaded with benefits that a customer need. And this was the first Debit MasterCard issued in the country.

Another one is called 'Preferred Debit Card', a unique card that is loaded with extra benefit to cater for needs of mid to high Income earners. And lastly, a 'USD Gold Debit Card' is denominated in US Dollars for customers having USD savings account.

"Financial institutions are increasingly looking towards mobility, lifestyles and transit payments as an area to further enhance presence amongst customers by offering convenient payment options and services they need." says Andrew Lyimo, Exim Bank Head of Retail Banking.

The current generation of banking industry has the customers who are demanding modern financial products and services as the digitalised era continues to change their nature. In the emerging economies like Tanzania, cash and paperbased payment instruments are still the main basis for retail transactions.

With the advent of electronic payment instruments and systems, there has been a slow shift from cash to other e-payment models and channels like debit cards, credit cards, wallets, ATMs and electronic fund transfer systems.

He says those who bank with Exim Bank have never regretted and have always been enjoying best experience that they will live to remember with a lot of benefits. Their MasterCard are the solution to their convenient banking.

Recently, Exim Bank Tanzania launched its innovative promotional and behavioral change campaign to encourage its customers to embrace the usage of the bank's MasterCard cards as a preferred means of payment for financial transactions.

Under the theme "Chanja Kijanja na Exim Bank Mastercard", the campaign is primarily focusing on rewarding card users for making online purchases or payments through payment point devices (POS) in a number of shops and other locations across the country.

This is the reason why Exim Bank has not only continued to be innovate in bringing about convenient banking environment to its customers, but also rewarding them to motivate them so that they continue banking with it rather than other banks in the country for their profitability.

The coming of 'Chanja Kijanja' campaign is just one of the examples as hundreds of customers get prizes of their choice like having their children school fees paid or for them have fully paid holiday packages with their loved ones.

"At Exim Bank, our cardholders enjoy utmost convenience across our network when it comes to making purchases or payments across accepting platforms including dining, shopping, international purchases and online bookings, travelling, hotels, and touristic activities," he mentioned.

The ongoing campaign which started early this year comes as part of the bank's marketing plans to encourage customers to increase usage of their Exim Mastercard, according to Lyimo. During the campaign, 10 weekly winners are being rewarded with shopping vouchers worth TZS 50,000; 5 monthly winners being rewarded with smartphones.

"And as for the grand prizes, our customers with their plus one will win an all-expenses-paid trip (Visa Cost, Plane Ticket, Match and Spending Money). The winners will visit Serengeti National Parks or travel to the beautiful island of Zanzibar with his or her partner." he added.

They (winners) may also opt for Exim Bank to pay a school fees and other school equipment of a child. For them to win the chances, they should get involved in the campaign as many times as possible to increase chances of victory.

The campaign is open to all Exim Bank MasterCard holders, including all new customers who have applied or will apply for new cards during the period of the campaign, according to Lyimo.

"All the customer needs to do is to use his Exim Mastercard in all daily purchasing transactions inside or outside the country and will be entering the draw to win one of campaign prizes. The more the client uses his Exim Mastercard, the greater the chances of winning in the draw" he said.

Discussing the launch of the campaign, Stanley Kafu, Head of Marketing and communications, Exim Bank says: "We wanted to focus on something that enhances our customers' banking experience and making their spending even more rewarding. "We believe that everyday transactions can create, bringing people together and injecting joy into their daily lives." he says.

"Our new campaign is also an opportunity to speak to a new generation of cardholders who are currently less familiar with Exim Mastercard and introduce the concept of "Chanja Kijanja na Exim Bank Mastercard" - a chance to make someone's day, and reflect on the power of their daily purchases," he says.