I&M Bank new service a boon for nigh 500 banking agents

Dar es Salaam. I&M Bank Tanzania is targeting to have at least 500 agents by the end of this year after unveiling its new service.

The bank launched the agent banking service yesterday, promising more investment in technology so that it can compete in providing digital banking solutions to its customers and support the government in its financial inclusion agenda.

Speaking during the official launch of the agent banking service yesterday, the bank’s chief executive officer, Mr Zahid Mustafa, said the agents have become the most effective way of serving customers in the last five years. “People currently prefer mobile banking to branches,” he said.

“This is an initiative that our customers are asking for, and we are happy that today we are able to launch it. We have 250 agents, and our plan is to increase that number. Our plan is to go completely digital as people are moving from physical services.”

He said agents help customers minimise the time spent travelling to the branches seeking service.

On the other hand, the acting head of consumer banking, Ms Deepali Ramaiya, said the launch of agent banking has come at a time when the government has put a lot of emphasis on financial inclusion.

“This is our effort to be part of the financial inclusion agenda. We do not support our customers alone, but our agents will also receive a good commission by the end of the month,” she said.