NCBA was named the Best Digital Bank 2022 in Tanzania by Global Magazine and Finance Review.
UK-based Global Magazine and Finance Review follows global financial trends and developments.
The organization was founded in 2010, but its awards program for excellence in global banking and finance started in 2011.
The milestone is a clear reflection of the lender’s high-tech idea of M-Pawa, an innovative, best-selling digital flagship of the last half decade.
The product was jointly developed by NCBA and Vodacom, who pioneered mobile money transactions and other essential banking services.
With over eight million users, the platform has provided nearly Sh48 billion in loans annually to support the country’s microeconomic growth.
Subscribers to the platform enjoy many benefits at the click of a mouse on their mobile phone. It’s paperless. One can open and operate a bank account without visiting the bank.
Also, it is possible to save as little as Sh1 and earn interest on the savings balance. Interest is calculated daily and paid at the end of each calendar quarter.
You transfer money between the M-pawa savings account and the M-Pesa account for free. There is no minimum balance on M-Pawa.
M-Pawa allows one to access micro-loans of at least 1000Sh at any time and receive the loan instantly through M-Pesa account. There are no ledger fees.
M-pawa is the benchmark the bank has long set in technological innovation, but the lender’s digital print doesn’t end with just winning multiple awards.
To further its digital journey, NCBA has made efforts to recognize its M-Pawa users through promotional campaigns to expand its ever-growing customer base.
The bank, again in partnership with Vodacom, launched a two-month flagship campaign called “Chuzi Limekubali” aimed at encouraging its users to save more money in their wallets.
The campaign ran for six draws and produced three winners each week who looted motorbikes amongst other gifts and then the big winner went home with Sh5 million. Gifts for the whole campaign worth 60 million Sh.
The campaign splashed Sh50,000 50,000 to customers who repaid their loans in six days. Since its inception, the bank has reimbursed 50 customers who repaid their loans and saved their money on time.
It also doubles customer savings for its 100 customers each month. Those who saved at the bank during this promotional period had the chance to win double their savings each month, starting at Sh10,000.
Bank management has planned to continue with like-minded campaigns for the next year to encourage product users to make the most of the M-Pawa’s captivating features and experiences.
Management says the M-Pawa service has long been at the forefront of helping Tanzanians obtain quick loans at very low interest rates to spur economic growth for individuals.
Similarly, the Kenyan counterpart M-Shwari has performed quite well.
The NCBA has reaped great rewards from pioneering cell phone-based lending in Kenya after partnering with telecom operator Safaricom to launch the dominant service M-Shwari in 2012.
This digitally driven financial services provider is doing no small thing to pave the way for its customers into a coveted digital economy.
NCBA is one of Tanzania’s innovative banks that values incorporating digital technologies into banking services.
The commercial bank is investing in digital innovation to increase customer satisfaction, driving the country towards financial inclusion.
To raise awareness of digital adoption, while observing Customer Service Week, NCBA Chief Executive Julius Konyani shared that the bank’s mission is to embrace the digital space.
“Through our digital-first approach, we will continue to innovate and share industry-leading technological advances and customer service, while providing exceptional financial services and products that exceed customer expectations with internationally recognized standards,” noted the bank’s chief executive.
Mr. Konyani stressed that size and scale are crucial for businesses. With that in mind, he anticipates that the latter will allow NCBA to offer a wide range of products and delivery methods to its valued customers and clients.
“Our robust technology creates strong connectivity and seamlessness for customers across product lines and subsidiaries,” said Mr. Konyani.
Commercial banks with strong digital innovation are more likely to see success over time.
According to Tanzania Invest, the Tanzanian banking sector enjoyed strong growth in 2019 with pre-tax profit of Sh590 billion, up 88 percent from Sh313 billion in 2018.