TCB, Airtel set up digital group savings, credits platform

The move will ensure that financial services are moving closer to customers, through the use of mobile phones.

Jema Msuya, TCB’s director of technology and operations said according to 2023 Finscope survey, mobile money usage has increased up to 72 percent, the trend which has enhanced financial inclusions.

Msuya said besides being flexible in loan issuance, the new agreement will also ensure that security and transparency for member funds are granted.

This will also ensure expansion of the rate of financial inclusion among many Tanzanians, considering that only 22 percent of the population is banked.

Dubbed, ‘Airtel Vikoba”; the service is among of the convenient digital solutions that are simplifying savings and lending activities.

The agreement also aims to improve customers’ financial stability, through savings and credits, while allowing group members to refund the loans at any given time through mobile money.

Speaking during the launch of ‘Airtel Vikoba’ a digital community-based savings and credit groups, on Tuesday in Dar es Salaam, Airtel Money director, Andrew Rugamba said the service will allow Airtel Money customers to create savings groups and start depositing money.

The application service also allows customers to lend money to each other, check balances and sharing profits using the Airtel Money menu at any time.

“The launch of Airtel Vikoba is another type of our innovation. This enables financial services easier, safer with less costs,” he said.

According to him, the move helps in supporting the efforts of the Sixth phase government of President Samia Suluhu Hassan of raising the standards of living of the majority Tanzanians and the country’s economy at large by ensuring financial services reach more Tanzanians and at low cost.

“For several decades, community-based savings and credit groups have been run in a way where group members meet physically to make refunds and give out cash loans, thus endangering the safety of cashiers and loan recipients. Airtel Vikoba is a solution that will help save time for meetings. We have succeeded in setting up a digital system so that Airtel Money customers can open up their accounts and start saving together with their fellow members,” Rugamba said.