BoA introduces agency banking in new service expansion drive

The Bank of Africa-Tanzania has introduced agency banking services aiming to improve proximity to customers and increase presence across the country.

Dubbed ‘Bank of Africa WAKALA’, the service was established in partnership with Selcom and will allow the lender contract Selcom Huduma agents across the country to serve as banking agents offering financial services on its behalf.

Speaking during the launch, BoA’s Managing Director Mr. Adam Mihayo, said the launch marks a momentous achievement for the bank, as part of the journey towards digitisation of products and services, creating convenience for customers.

“As we launch the new service channel today we roll out a total of 100 agents across the country in the initial phase, and an additional 200 agents in the second phase…the bank remains committed to the development of the country’s economic agenda through the various investments made and that we continue to make,” he said.

The Bank’s Chief Digital Officer Mr Jesse Jackson, explained that the development is in response to a quest to penetrate the local market and improve access to financial services.

“Our focus is based on financial inclusion and the need to drive digital platforms enabling our customers to access financial services right within their neighborhood, Bank of Africa WAKALAs bring convenience to our customers by offering Cash in, Cash out services for a start”.

Mr. Jackson said the lender wants to establish a relationship with everyone who is bankable irrespective of their income range or social status and digitization is one of the key pillars that make up the bank’s strategic objectives in the strategic plan.