TCB UPGRADES INTERNET BANKING TO UNRIVALLED NEW HEIGHTS

Tanzania Commercial Bank (TCB) has upgraded its internet banking service to uniquely new heights in the market by fully integrating the digital finance solution with all national payment systems.

 

Its Chief Executive Officer Sabasaba Moshingi said the revolutionary development is unrivalled in the industry and has been developed internally at no cost.

 

“The TCB Internet Banking solution was developed in-house at zero cost by our ICT experts and its edge over other online banking services is being fully integrated with all national payment systems,” Mr Moshingi said yesterday at its launch in Dar es Salaam.

 

“If we had bought its off shelf that would have cost us between US$300,000 and US$500,000,” he noted highlighting its cost effectiveness since those prices translate to about TSh 695.7 million and almost TSh1.16 billion respectively.

 

According to him, the investment in the new service is part of TCB strategic plan to continue offering quality banking solutions that meet changing market demands. Mr Moshing said the service upgrading move also seeks to enhance the bank’s commercial clout and its competitiveness in the market.

 

The digital development has impressed government, which said TCB Internet Banking will add a lot of value to national payment systems.

 

Gracing the inauguration of the fast and affordable online banking service, Treasury Permanent Secretary Emmanuel Tutuba said its convenience and reliability are worth the investment.

 

Mr Tutuba commended TCB for investing in the highly secure proposition that facilitates local and international transfers as well as easing transactions such as bulk processing of funds as well as government and utility payments.

 

“I have been impressed to hear 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 banks,” he noted.

 

MUSE is the government payment system that is a key aspect of the e-government initiative, which promotes the use of ICT for improving public service delivery.

 

PS Tutuba called on TCB to use the same innovation prowess to address other national development issues and tackle nagging challenges like the high cost of securing loans and high interest rates.

 

Introducing the service, Chief Manager Business Solutions, Mr Leonard Katamba, said the solution has been designed to meet current needs of the market and future demands of the digital economy.

 

“TCB Internet banking will increase the scope and options of serving our customers, public institutions, businesses, religious organisations and other NGOs, small and big enterprises, as well as social and economic groups, employees and individuals,” the ICT guru explained.

 

“It also enables customers to make local and international transfers through payment systems such as TISS, EFT and SWIFT, use of GePG to collect taxes and levies, mobile transactions and salary payments,” he added.