She pointed out that the prevailing solutions of electronic payment on the market available for the public and business leaders scare away the small and medium size merchants because of the costs of entry.
“Cashless transactions will enhance Tanzania’s payment system whilst it increases productivity and boost economic growth. This system of payment is new and very efficient. It will save them time and integrate their transactions for proper record keeping,” Dr. Kijaji highlighted this recently during the launch of Ecobank Mobile App, a convenient and instant way of banking via the mobile phone in Dar es Salaam.
She pointed out that the app, which could be downloaded freely from Google Playstore can be operated from every part of the country and across 33 African countries on the mobile devices.
According to her, the advantages of the cashless transactions include fostering transparency and curbing corruption and modernisation of the country’s payment system.
The minister stated that in the way that large malls expand their business through the use of technology, small businesses too can increase turnover by utilising simple user-friendly technology.
Dr Kijaji told the country’s labour population to adopt digital technology that would help end their exploitation.Through digital financial services,
Tanzanians will be able to unlock productivity and investment potential, reduce poverty, empower women as well as help build stronger institutions and corporate governance, while providing a profitable, sustainable business environment, minister explained.
She added that ICTs help banks reduce inefficiencies and unlock significant productivity gains.
Minister Kijaji lauded Ecobank for the initiative to promote financial inclusion and boosting the drive towards a cash-lite society.
Therefore, the new mobile platform is being seen by experts as another milestone towards enhancing financial inclusion.
In well-developed financial systems as it exists in the modern world, there are other instruments like cheques, debit or credit cards, banking through mobile phones, internet and many such technology driven initiatives that are used for financial transactions.
On his part, the Ecobank Group CEO, Ade Ayeyemi stated that the product will increase internet penetration in the country as the informal sector joins the platform.
Ayeyemi pointed out that Tanzania is one of the leading hub for entrepreneurship technology for Ecobank. This is why they chose Dar es Salaam as the venue to launch the Ecobank Mobile App.
“The product will allow customers in Tanzania and other affiliates across our vast network to grow their businesses by giving them a convenient and secure way of banking,” he told this paper.
He said innovative new platform reduces the need to carry loads of cash. It gives customers the opportunity to deposit money through a mobile transfer.
According to him, merchants who use the product will also have the benefit of having a portable receipt printing device free of charge.
Ayeyemi noted that the intent is to rope in more of the unbanked across the continent, make banking easier, more accessible and affordable than before.
Ayeyemi said no matter where a trader went, he or she could access cash from the Ecobank account through the digital platform.