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