NMB moves in to rescue halo pesa agents with cash challenges

13Jun 2018
The Guardian Reporter
The Guardian
NMB moves in to rescue halo pesa agents with cash challenges

VIETTEL E-commerce Limited has partnered with NMB Bank Plc for e-money (floats) facilitation to Halopesa agents to smoothly run their businesses.

Halo Pesa deputy managing director Vu Tuan Long (3rd-R) and NMB Bank acting retail business head Boma Raballa exchange documents on MoU under which the Halo Pesa agents will use the bank to facilitate their transactions. This was at a ceremony held in Dar es Salaam yesterday. Right is Halotel’s head of communication Mhina Semwenda. Photo: Selemani Mpochi

The partnership seeks to help Halo Pesa agents overcome the float and cash challenges which greatly affects their businesses.

With the wide network of branches in the country, NMB Bank says it will ease the process of converting floats into cash and cash into float through an advanced system integration which uses reference numbers to identify the Halo pesa agents.

According to the new arrangement, the Halo pesa agents can now go to any NMB branch and access their floats and also convert floats to cash.

The HaloPesa’s Deputy Managing Director, Vu Tuan Long, said the partnership clearly demonstrates the revolutionary role that banks and mobile communications companies can play in improving the living standards of the communities while at the same time pioneering financial inclusion in the country.

“The introduction of this service will enable more than 55,000 registered Halo Pesa Agents have an access to e-money/floats and also cash in more than 220 branches in the country with a 98% presence in all the districts,” said Long.

“Mobile money agents play a vital role in contributing to the country’s economy, it is, therefore, essential to create an environment that works in their favour and help them meet the market demand and through that, we are contributing to accelerating financial inclusion in the country,” said Long.

Long said NMB bank has a wide coverage reaching to the rural areas, and that since inception, it had enabled more than 4000 village’s access to mobile communication for the first time.

He noted that with the introduction of Halo Pesa it had moved another milestone in enhancing mobile money to customers in rural areas.

The NMB Bank’s Acting Business Head Retail– Boma Raballa said “our mission at NMB Bank has always been to create innovative products and services that tackle various financial challenges in the country.

Raballa noted that they saw a financial gap in accessing cash from the agents and also converting cash to floats and decided provide a financial solution convenient to mobile agents.

“The network of branches captures the essence of our ‘Close to You’ slogan while we believe that the integration will bring mobile agents and their customers closer to NMB services,” said Raballa.

He said the bank had over 220 branches present to over 98% of all the districts in the country creating convenience to Halo Pesa agents who were all over the country.

Due to the high demand of mobile money transfers between networks (interoperability), mobile agents constantly run out of cash putting the business at risk as they fail to meet their customers’ needs. Through NMB, HaloPesa agents need not fear they will run out of cash as they will be able to access these finances through any NMB outlet in the country.