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TANZANIA’S EFFORT TOWARDS A CASH-LITE SOCIETY UNDERWAY.

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In a bid to reduce money circulation in Tanzania, Smart Banking Solutions has rolled out B-PESA a prepaid bank grade closed loop card in the state’s market.

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The card that is neither debit nor credit is managed through own electronic financial wallet enabled by member banks, will allow the customer to transact at any B-PESA branded merchants, member banks and B-Pesa branded ATM’s.

The card is aimed at converting the state to a cash-lite society once fully implemented with a touch of sustainability, security and convenience also having MAFUTA card for fuel customers, ADA card for school fees under B-pesa  making it a general use card for Tanzanians.

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“You can access your own card from your mobile phone as well as from the internet B-Pesa is a community and loyalty driven product which focuses on specific payment opportunities in a specific demographic group,” said SBS Board Member, Dr Edmund Mndolwa.

B-Pesa will also serve out of the country purchases since it is in partnership with Union pay allowing customers purchase goods without foreign currency.

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Commercial Bank of Africa (Tanzania) and people Bank of Zanzibar are some of the bank members in partnership with B-Pesa.

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