On 9 March 2015, Stanbic Bank Tanzania officially launched banking through electronic channels allowing customers the ease and convenience of banking from their phone or computer.
With Africa’s mobile penetration sitting at about 80% and growing, many believe that banking remotely will be the way of the future. Many banks and financial institutions are now seeing the benefit of reaching out to this underserved population through electronic channels (e-channels). There are also those who live in large cities but find standing in long queues at banks tedious and time-consuming, for these people too, electronic banking may be a viable option for their finances.
Stanbic Bank is a global bank with African roots. In Tanzania, Stanbic is offering banking through E-channels which cater for both the individual as well as corporates. This new form of banking will allow customers to keep track and make payments from their account online from the convenience of their home or business.
Farha Mohammed, Head of Electronic Channels at Stanbic Bank Tanzania commented, “We have worked to ensure that banking through E-channels is safe, reliable and convenient even for first time users. . Through this service, we are improving the lives of our customers and making banking hassle free.”
The Stanbic Bank customer needs to merely register online using their Customer ID or information. After registration, a customer can check balances, forex rates,statement, pay utility bills like LUKU and Dawasco, make payments to beneficiaries and mobile wallets and purchase airtime anytime among other things.