NMB Bank Tanzania with total assets of 10.8 trillion Tanzanian Shillings according to the Bank’s March 2023 Financial Statements has embarked upon another project.
NMB Bank and Union Pay International (UPI) have joined forces to introduce the first Union Pay QR code in Tanzania, marking a significant step in the country's digital finance collaboration. The partnership, officially unveiled earlier this week, highlights Tanzania's ongoing efforts to modernize its payment ecosystem as it strives to become a digital economy and promote a cashless society.
The launch event for the NMB Union Pay QR Code payment solution took place in Dar es Salaam on Tuesday evening, where representatives from both organizations emphasized the importance of this digital payment solution and the value it brings to their partnership. Mr. Filbert Mponzi, Chief of Retail Banking at NMB Bank, expressed his enthusiasm for the collaboration with UPI, emphasizing its role in modernizing and promoting digital payments in Tanzania. He stated that the partnership exemplifies the commitment of both organizations to advancing a cashless society, supported by a highly digitized economy.
The launch took place in the presence of the Secretary-General of the Ministry of Foreign Affairs and East African Cooperation, Ambassador Samwel William Shelukindo, the General Manager of Union Pay Africa Branch, Asad Burnley, and our Chief of Retail Banking, Filbert Mponzi, along with the Head of Card Business Department, Philbert Casmir.
Mr. Asad Burney, General Manager of the UPI Africa Branch, highlighted the inclusive finance benefits of the partnership, as well as the increased acceptance of Union Pay cards on NMB's digital payments platforms. He commended NMB Bank for its instrumental role in supporting the modernization of payment solutions in Tanzania.
Mr. Mponzi underscored the significance of this development, stating that it marks a monumental step for Tanzania as the world increasingly transitions from cash-dominated economies to digitally supported cashless societies. He encouraged Tanzanian traders to seize the opportunity and leverage the NMB UPI QR codes to enhance and simplify their business and payment operations. These QR codes are accessible at all NMB branches and through their direct sales agents across the country.
The partnership between NMB Bank and UPI began in 2020, leading to the acceptance of payment cards from the subsidiary of China Union Pay at NMB's ATMs and point-of-sale (POS) terminals. With the new agreement, UPI account holders worldwide can conveniently and securely make payments through their mobile phones or by scanning at over 147,324 NMB merchant locations in Tanzania.
This technology will eliminate payment barriers for visitors traveling to the country from Asia, but also for Tanzanians engaged in business activities between Tanzania and Asian countries, including China.
Mr. Mponzi highlighted NMB Bank's role as an innovative local bank and a champion of digital finance, emphasizing the pivotal role of QR codes as a low-cost enabler of payment digitalization. He noted that QR codes have the potential to modernize the national economy by deepening digital and financial inclusion, which are strategically vital in accelerating Tanzania's transition to a cashless society. NMB Bank, being the leading innovative bank in the country, now becomes the first bank in Tanzania and the third bank in East Africa to accept UPI QR code payments.
The launch event for the new digital payment service was attended by Ambassador Samuel Shelukindo, the Permanent Secretary in the Ministry of Foreign Affairs and East African Cooperation, who commended NMB Bank for its investment in digital finance. He described the introduction of the NMB Union Pay QR Code payment solution as a significant step toward modernizing Tanzania's economy and satisfying the growing demand for digital financial solutions in the country.
Mr. Damasi Mfugale, Managing Director of the Tanzania Tourism Board, commented on the service's impact on Tanzania's competitiveness in the Chinese tourism market. He noted that the innovation in the country's payment industry solidifies NMB Bank's position as the most innovative bank in Tanzania.
The partnership between NMB Bank Tanzania and Union Pay International demonstrates their commitment to advancing digital finance and promoting a cashless society in Tanzania. With the introduction of the Union Pay QR code, the country takes another stride toward modernizing its payment ecosystem, embracing digitalization, and meeting the increasing demand for digital financial solutions.