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Digital financial inclusion takes off for Tanzania member

Digital financial inclusion takes off for Tanzania member

​WSBI member TPB succeeds in tech-driven, people-focused efforts in East African country.​




>> See the case study​








​​BRUSSELS, 3 November 2016 – WSBI member Tanzania Postal Bank (TPB)​ has found success deploying its latest high-tech financial inclusion services, according to a new case study released recently from the European Microfinance Plat​form (e-MFP)​. The study describes how the Tanzanian bank has been successful thanks to its TPB POPOTE latform while teaming up with its agents across the East African country driven by what digital finance can do to help achieve more financial inclusion. It notes that TPB has recently leveraged two digital channels – mobile banking and agency banking – and two devices options – mobile phone and point of sale devices – to widen access to more people found outside mainstream financial services.

Mobile transactions quintuple, related income skyrockets

Data in the study pinpoint success reached. Mobile transactions rocketed up from 8.8% in 2012 to 44.36% in 2014, which led to higher income for banks involved. Income from mobile transactions swelled by 743% from 2012 to 2014 due to more clients signing up to use mobile banking services. Transaction activity also grew from existing mobile customers due to better accessibility, proximity and usability of the banking services offered.

Success factors

The main lessons learned and main success factors for the project included:

  • external funding to launch the new DF channel
  • information dissemination and knowledge sharing
  • cultural change within the organisation providing the service
  • leveraging several channels (mobile banking and agency banking) and several devices
  • options (mobile phone and POS) to fit different client segmentations

​WSBI involvement

e-MFP is the leading network of European organisations and individuals active in the microfinance / financial inclusion sector in developing countries. WSBI, a member of the e-MFP board, helped kick-start the TPB push for greater technology-driven ways to boost financial inclusion in Tanzania.  

WSBI served as liaison and editing partner to the case study publication released by the e-MFP Digital Innovations for Financial Empowerment Action Group. The group brings together microfinance and financial inclusion professionals with on the ground experience in the field of digital, electronic and mobile finance operations. The case study helps showcase the WSBI members' expertise in the field.

The case study has been published as e-MFP Action Groups, which are set up to improve and extend coordinated efforts between members. Those groups are gearing up for European Microfinance Week in Luxembourg in mid-November where they will conduct annual meetings on 16 November and also share on 17-18 November their latest findings in panels organised by them.

>> See the case study​

 

Notes to editors:

 

About Tanzania Postal Bank

Tanzania Postal Bank is a financial institution and one of the oldest banks of Tanzania. It was established in 1926 as a Post Office Savings Banks offering banking services through a network of post offices.

​About European Microfinance Platform (e-MFP)

e-MFP is the leading network of European organisations and individuals active in the microfinance/financial inclusion sector in developing countries. Now in its tenth year, it has grown to over 120 members from all geographic regions and specialisations of the European microfinance community, including consultants & support service providers, investors, multilateral & national development agencies, NGOs and researchers.

Up to two billion people remain financially excluded. To address this, the Platform seeks to promote co-operation, dialogue and innovation among these diverse stakeholders working in developing countries. e-MFP fosters activities which increase global access to affordable, quality sustainable and inclusive financial services for the un(der)banked by driving  knowledge-sharing, partnership development and innovation. Learn more at www.e-mfp.eu.

About e-MFP Action Groups

e-MFP Action Groups are the result of productive synergies between European microfinance actors working in microfinance in developing countries. Their main objective is to improve and extend coordinated activity between members. The Action Groups thus enable constructive dialogue and cooperation within e-MFP and also contribute to the advancement of the whole microfinance sector. The different perspectives each member brings is what makes our Action Groups unique. Learn more in our video on the right.


>> See the case study​



Innovation; Digitalisation; Branch management; Banking Technology; Financial inclusion; Financial education