Tanzania: NMB Launches Inter-bank Money Transfer Service

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The National Microfinance Bank plc (NMB) of Tanzania has launched the first ever inter-bank money transfer service in the Tanzanian market.

The Mobile Interbank Settlement System will enable NMB customers registered with the service to conveniently transfer money from their account to other banks.

Previously, customers could only transfer money from their NMB accounts to other banks by physically visiting bank branches or through internet banking both avenues which takes two hours for the transaction to mature.

“The new mobile system of transaction is timely as recipients gets money instantly,” Stephen Adili, Acting Senior Manager Retail Liability, Insurance and Value Added Services at NMB said.

Customers can transfer up to three million Tanzania shillings through their mobile devices.

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