UBA introduces UBA Magic Banking platform in crowded market

06Dec 2018
The Guardian Reporter
Dar es Salaam
The Guardian
UBA introduces UBA Magic Banking platform in crowded market

IN order to claim a fair share in a crowded banking market, United Bank for Africa Tanzania has chosen to compete by introducing a cutting edge product dubbed, ‘UBA Magic Banking.’

UBA Bank Tanzania Managing Director Usman Isiaka speaks in Dar es Salaam this week during the launch of UBA Magic Banking platform which enables customers to transact using mobile handsets. He is flanked by Bank of Tanzania’s Oversight Manager, Thomas Mongella (L). Photo: Guardian Photographer.

The Magic Banking digital platform enables customers to do a multitude of tasks such as opening an UBA account, transfer funds, buy airtime, pay bills and access a mini banking statement, among several other banking services.

Speaking at the launch in Dar es Salaam earlier this week, UBA Tanzania Head of Consumer and Digital Banking, Asupya Nalingigwa said the platform not only does the magic banking code work on all phone types but that it is also safe, fast and convenient.

“To access this product, one does not require data on the phone to do a transaction. It also allows a higher transaction limit of up to 1m/- per day with the UBA Secure Pass that provides enhanced security cover for the users,” Nalingigwa said.

He added that people can also send and get money from an UBA account, send money to UBA prepaid card and get a mini statement of the last five transactions but also do an account to account transfer.

UBA Tanzania Managing Director and CEO, Usman Isiaka said the introduction of the magic banking product which will allow every registered phone user of any network to open an instant UBA savings account, is in line with the bank’s policy of democratizing banking on the continent.

“We democratise banking by reaching out to the unbanked through technology driven platforms that are safe, simple, efficient and user friendly. This also aligns with financial inclusion strategic objective of Bank of Tanzania,” said Isiaka.

He noted that UBA is a pan African bank with passion and commitment to drive the financial inclusion agenda through innovative banking products and services to ensure members of the public have the best banking experience via digital channels. “We have committed huge financial investments resources towards achieving this,” Isiaka added.

The bank also used the occasion to introduce its enhanced mobile banking application which will enable customers to download and self-enrol via App Store and Play Store by iPhone and android based phone users respectively.

United Bank for Africa has been pioneering various digital banking solution across its 20 markets in Africa. In recognition of the leading role in the financial technology space, the bank was recently awarded 2018 Best Digital Bank of Africa by Euromoney.