Tanzania Commercial Bank Director Welcomes Investment in Online Banking Services

Speaking in Dar es Salaam last week, TCB CEO Sabasaba Moshingi said his latest investment in digital channels has also fully integrated the bank’s online finance solution with national payment systems.

“The TCB online banking solution was developed in-house at zero cost by our ICT experts and has an advantage over other online banking platforms being fully integrated with all national government payment systems,” Mosshingi said during the official launch of the platform.

He said if the bank had bought the system from software companies it would have paid between $ 300,000 and $ 500,000. Through the use of our internal talents, we have saved between 695.7 million / – and nearly 1.16 billion / – ”, he added.

According to him, investing in the new service is part of TCB’s strategic plan to continue to offer quality banking solutions that meet changing market demands. Mosshing said the banking service upgrade is also aimed at strengthening its business influence and enhancing its competitiveness in the crowded local market.

Introducing the new platform, Leonard Katamba, Director of Business Solutions at TCB, said the solution was designed to meet current market needs and future demands of the digital economy. “TCB online banking services will increase the reach and service options to our customers, public institutions, businesses, religious organizations and other non-profit organizations, small and large businesses, employees and individuals,” Katamba explained.

“It also allows customers to carry out local and international transactions through major global payment systems such as TISS, EFT and SWIFT, but also to use GePG to collect taxes and levies for the government and its agencies”, he added.

At the launch, Permanent Secretary of the Treasury Emmanuel Tutuba said its convenience and reliability are worth the investment. Tutuba congratulated TCB management on the investment, saying it was highly secure and efficient in facilitating local and international transfers. The Treasury chief said the system also facilitates bulk fund processing transactions as well as the payment of government taxes and utility payments.

“I am impressed to learn that this digital service channel is also connected to the MUSE system in order to simplify payments for government institutions without necessarily having to visit physical bank branches,” he noted.

MUSE is the government payment system which is a key aspect of the e-government initiative, which promotes the use of ICTs to improve the delivery of public services. The Treasury Prosecutor’s Office called on the TCB to use the same innovation prowess to solve other national development problems and tackle lingering challenges such as the high cost of obtaining loans and interest rates. students.