I&M Bank debuts Agency Banking product to expand financial access to customers

I&M Bank has unveiled its latest banking solution, Agency Banking dubbed ‘I&M Bank Wakala’, that aims at providing customers with greater accessibility to financial services across Tanzania.

The product is set to revolutionize the way Tanzanians access banking services.

I&M Bank Wakala enables customers to access banking services through an extensive network of agents spread across the country. Customers will be able to carry out a range of transactions, including cash deposits and withdrawals, balance enquiries, fund transfers, and mini-statement generation.

Officiating at the launch , the I&M Bank Tanzania CEO Zahid Mustafa said I&M Bank Wakala is a crucial step in our efforts to increase access to financial services for all customers as customers will no longer have to travel long distances to access banking services.

‘We are committed to providing Tanzanians with the best banking solutions, and our Agency Banking solution is a testament to this commitment. The aim of this service is to provide access to banking services to Tanzanians, particularly in areas where our branches are limited. By doing so, customers will have convenient and affordable access to banking services in their locality, aligning with the bank’s dedication to providing top-notch banking solutions,” he said

I&M Bank Tanzania Head of Customer, Zainab Maalim, said, “To- date, the Bank has managed to recruit over 200 agents and the number is growing. Through the agents, we will be able to reach more customers with our services.”

The bank’s Acting Head of Consumer Banking, Deepali Ramaiya added that the new solution is set to complement the government’s efforts and will contribute to universal access to financial services.

“The launch of I&M Bank Wakala comes at a time when the Tanzanian Government is placing more emphasis on financial inclusion and digital payments,” Ramaiya said.