NMB Bank and UBX Tanzania Limited, the operator of the Umoja Switch ATM Network, have come together in a strategic partnership.
This partnership brings together NMB and 17 Umoja Switch partner banks under a unified ATM network. This will make it the broadest shared system of Automated Teller Machines in the country.
The collaboration between nmb bank tanzania and UBX Tanzania represents a significant milestone for the Tanzanian banking sector. It promises to revolutionize the way banking services are accessed and delivered across the nation.
By seamlessly integrating Umoja Switch’s 280 ATMs with over 700 of NMB Bank’s ATMs, the partnership enhances accessibility and efficiency for customers of all participating banks.
One of the primary benefits of this strategic partnership is the enhanced availability of ATM services. Customers of nmb bank tanzania and the 17 Umoja Switch partner banks now have access to a vast network of over 1,000 ATMs.
This will allow them to conduct transactions and access banking services at their convenience, irrespective of their banking affiliation.
Moreover, the partnership brings about cost convenience for customers. With transaction costs reduced by over 70% for users of NMB ATMs and customers of the 17 partner banks, banking services become more affordable. This accessibility extends to a wider segment of the population.
This reduction in transaction costs not only benefits individual customers. It also contributes to the overall financial well-being of the community by lowering the barriers to accessing formal banking services.
Financial inclusion is another key aspect of the partnership’s impact. By increasing card usage at ATMs and reducing queues at bank branches, particularly in remote areas, the collaboration aims to promote greater financial inclusion across Tanzania.
By deploying ATMs in underserved regions, participating banks can extend their reach and provide essential banking services to communities that were previously underserved.
From a bank efficiency perspective, the partnership enables participating banks to streamline their operations and reach remote areas more effectively.
By consolidating domestic transactions within the NMB and UBX network, operating costs are reduced, eliminating the need for transactions to go through foreign switches.
The launch event of the partnership was attended by the Deputy Minister for Finance, Hon. Hamad Hassan Chande.
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His presence highlighted the strategic importance of the collaboration and the government’s support for initiatives aimed at enhancing financial inclusion and efficiency in the banking sector.
UBX Tanzania Limited, with its extensive experience in Information Technology (ICT) solutions, brings a wealth of expertise to the partnership. The company’s diverse range of services include IT support, infrastructure solutions, cybersecurity, and mobile banking.
These services complement NMB Bank’s commitment to delivering cutting-edge banking services to its customers.
Moreover, UBX Tanzania’s collaborative approach, based on partnerships rather than mere vendor-customer relationships, aligns well with the ethos of the strategic partnership with nmb bank tanzania.
Under the leadership of the nmb bank ceo Ruth Zaipuna, nmb bank tanzania exemplifies excellence in providing accessible and transparent banking services to its customers.
The bank’s commitment to customer satisfaction is evident in its user-friendly online banking platform, where customers can easily access their account statements from anywhere at any time.
Additionally, NMB Bank’s transparent fee structure ensures that customers are aware of the charges associated with various transactions, promoting financial transparency and trust.
For instance, nmb bank charges Tzs. 2,500 for all transfers below Tzs. 100,000 and Tzs. 3,500 for all transfers.
Other charges include ATM withdrawal from other domestic banks at Tzs. 3,540, ATM withdrawal outside Tanzania at Tzs. 7,080, and money transfer within NMB at Tzs. 800 for amounts between 1,000–5,000 and Tzs. 2,800 for amounts between 5,001–30,000.
The NMB Bank address has its headquarters located at Ohio/Ali Hassan Mwinyi Road, Dar es Salaam, Tanzania.
The bank also maintains a strong presence throughout the country, boasting 226 branches, over 8,000 agents, and more than 800 ATMs.
Furthermore, nmb bank tanzania swift code, NMIBTZTZ, facilitates seamless international transactions, enabling customers to conduct cross-border business with ease.