Vodacom, CBA launches a revolutionary banking product: M-Pawa

• Customers can now save and borrow money on their phones!

Rais Jakaya Kikwete (wa pili kulia) akiwa na Waziri wa Mawasiliano, Sayansi na Teknolojia Profesa Makame Mbarawa (kushoto) na Mkurugenzi Mtendaji wa Vodacom Tanzania Rene Meza wakifurahia jambo wakati wa uzinduzi wa huduma ya M PAWA ambayo inamwezesha mteja kupata huduma za kibenki kwenye simu ya mkononi kwa njia ya M-pesa iliyozinduliwa kwa ushirikiano wa Vodacom Tanzania na Benki ya CBA. Kupitia huduma hiyo mteja wa M-pesa anaweza kuweka, kutoa na kukopa pesa.

Dar es Salaam, May 14, 2014 — Tanzania's leading cellular network, Vodacom and the Commercial Bank of Africa (CBA) today launched a revolutionary banking service, M-Pawa, that will allow millions of Tanzanians to save and borrow money on their mobile phones.

His Excellency President Jakaya Mrisho Kikwete launched the service in Dar es Salaam and had this to say, "the historic launch of M-Pawa today is to a large extent a testament to the success of the reforms that we have made in the financial sector, coupled with heavy investment made in the mobile communication industry, which have allowed our people to access affordable financial services through their mobile phone."

M-Pawa, is a novelty in Tanzania's mobile financial services sector that brings together the best of CBA's 50 year banking experience in East Africa and M-PESA's vast successful distribution system which boasts over 65,000 agents across the country. The service will further enhance Tanzania's financial inclusion agenda by making it possible for people to save as little as Tsh 1 /- , and borrow money depending on their savings history, said Vodacom Tanzania's Managing Director Rene Meza at the launch event. 

Rais Jakaya Kikwete akizungumza kabla ya kuzindua rasmi huduma mpya ya M-pawa ya kuweka pesa, kutoa na kukopa kupitia simu ya mkononi kwa njia M-pesa inayotolewa kwa ushirikiano wa Vodacom Tanzania na Benki ya CBA jijini Dar es Salaam.

"M-Pawa is easy to use. Customers do not need to fill in application forms. They can open a bank account by simply accessing the M-Pesa menu on their phone and selecting M-Pawa! Furthermore, it does not have : ledger fees, limits on the frequency of withdrawals, minimum operating balances and charges on deposits and withdrawals from M-PESA to M-Pawa Account and vice versa, " said Meza.

"Vodacom was the natural choice as our delivery partner for M-Pawa in Tanzania because we believe its extensive coverage of the country coupled with its over 65,000 strong M-Pesa Agent network will allow for the rapid uptake of this product in Tanzania," said CBA Tanzania Limited's, Board Chairperson, Ndewirwa Kitomari.

In addition to the over 5 million customers who currently use M-Pesa, Vodacom and CBA are targeting to reach the millions more who are currently outside the formal banking system in Tanzania. We are optimitistic that this service will grow in Tanzania because various studies have shown us that most people want to save and grow their money but are unable to do so because they are unable to meet most of the requirements of the formal banking sector. M-Pawa is our response to this need," said Meza.

Customers can sign up for M-Pawa through accessing the M-Pesa menu on their phone, selecting M-Pawa and then opting for the service that is best suited to their particular requirement at that time . That is, to save money, withdraw or take out a loan.

With regards to the accessing of loans, Vodacom customers need to be have used M -PESA for at least 6 months and have some saving history on M-Pawa says Meza.

In addition to this exciting partnership with CBA, Vodacom Tanzania has also integrated its M-Pesa service with 21 commercial banks in the country. M-Pesa is also the preferred payment solution for over 200 businesses in Tanzania which continue to benefit from the M-Pesa payment ecosystem. 

Rais Jakaya Kikwete (wa tatu kushoto)akiwa pamoja na kutoka kushoto Mwenyekiti wa CBA Tanzania Ndewirwa Kitomari, Mwenyekiti wa Bodi ya Wakurugenzi ya Vodacom Tanzania Balozi Mwanaidi Maajar, Mkurugenzi Mtendaji wa Vodacom Rene Meza, Waziri wa Mawasiliano, Sayansi na Teknolojia Profesa Makame Mbarawa, Mwenyekiti wa Bodi ya CBA Group Desterio Oyatsi na Naibu Mwenyekiti wa CBA Group Muhoho Kenyatta mara baada ya Rais kuzindua huduma mpya ya M-pawa ya kuweka pesa, kutoa na kukopa kupitia simu ya mkononi kwa njia M-pesa kwa ushirikiano na Benki ya CBA jijini Dar es Salaam.

Rais Jakaya Kikwete akimpongeza Mwenyekiti wa Bodi ya Wakurugenzi ya Vodacom Tanzania Balozi Mwanaidi Maajar mara baada ya kuzindua huduma mpya ya M-pawa ya kuweka pesa, kutoa na kukopa kwenye simu ya mkononi kwa njia M-pesa kwa ushirikiano na Benki ya CBA jijini Dar es salaam. Wa kwanza kushoto ni Mwenyekiti wa CBA Tanzania Ndewirwa Kitomari Wengine kutoka kushoto ni Naibu Mwenyekiti wa CBA Group Muhoho Kenyatta, Mwenyekiti wa Bodi ya CBA Group Desterio Oyatsi, Waziri wa Mawasiliano, Sayansi na Teknolojia Profesa Makame Mbarawa na Mkurugenzi Mtendaji wa Vodacom Rene Meza.

Source: Vijimambo