Selcom Microfinance Bank Tanzania Limited has officially launched SELCOM PESA, a digital financial service aimed at transforming the country’s financial landscape. The innovative platform is designed to provide seamless, secure, and affordable access to financial services, breaking down long-standing barriers to financial participation and fostering a more inclusive economy.
SELCOM PESA sets new standards in the digital banking sector by prioritizing affordability and accessibility. Selcom Pesa, as Tanzania’s price leader in low transaction fees, aims to reduce the cost of financial services and promote wider economic participation.
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The launch event, held at the Hyatt Regency Hotel, was graced by The Governor of the Bank of Tanzania (BoT), Mr. Emmanuel Mpawe Tutuba. He praised Selcom Microfinance Bank and its major shareholder, Selcom Paytech Tanzania, for their commitment to financial inclusion. The event also marked the introduction of the “5 kwa Jero” marketing campaign, which enables customers to perform five daily transactions for just TZS 500.
Key Features of SELCOM PESA
SELCOM PESA introduces several innovative features that enhance user experience and financial flexibility:
• Affordability: The “5 kwa Jero” initiative allows users to perform five transactions daily at a minimal fee, making financial services more accessible to a broader audience.
• Digital Savings and Rewards: The “Kibubu” savings feature encourages users to save money with each transaction, offering a smart way to build financial security.
• Payment Flexibility: SELCOM PESA supports transactions to any bank, mobile wallet, or Lipa number, ensuring seamless financial operations.
• Mastercard Integration: Customers can obtain a Selcom Pesa Mastercard for online and international transactions without additional fees, enhancing cross-border payment convenience.
• Government and Regulatory Support: The platform integrates with the Tanzania Instant Payment System (TIPS) to reduce operational costs and promote financial inclusion. Governor Tutuba acknowledged its potential to accelerate Tanzania’s digital economy.
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The launch of SELCOM PESA marks a huge milestone for Selcom Microfinance Bank, as it transitions from a traditional microfinance institution to a digitally-driven bank. The lender, leveraging its acquisition of Access Microfinance Bank, is expanding its reach and service offerings to cater to the evolving financial needs of Tanzanians.
SELCOM PESA is now available for download on both the Google Play Store and Apple App Store.