NEWS AND EVENTS

AccessBank launches Kikundi powered by AccessMobile
Posted By: MARKETING Last Update by:29, November 2016

 

“AccessBank Launches Kikundi Powered By AccessMobile”

 

AccessBank Tanzania has officially launched its  another exciting product dubbed ”KIKUNDI  powered by AccessMobile”, a savings account that has been specifically tailored for Village Savings and Loan Associations (VSLAs) or most commonly known as informal savings groups. The project has been possible through a partnership with CARE International and SELCOM.

The product was launched today 29th November 2016 at AccessBank Head offices by the Deputy Permanent Secretary of the Ministry of Finance and Planning Hon. Dorothy Mwanyika. Hon Mwanyikas said “the government is excited and overwhelmed by the efforts made by AccessBank Tanzania in supporting small groups especially those based in rural areas, as we all know they go through a hard time when in need of financial services due to the location of banks and decide to use the ordinary  ways of saving their money. I am sure the Kikundi account will help them a lot in accessing financial services.”

Commenting on this, the Head of Business Development, Andrea Ottina, said “the aim of introducing this product to the groups is to provide ‘platform’ on where to manage their funds ‘digitally’, this will help them to spare the usage of cashboxes, which are often burdensome to handle and as well risky. This is the first product of its kind in Tanzania, provided with a 3 mobile banking profile system that ensure the highest level of safety as well as comfort to groups and their members to transact remotely. Nonetheless, this platform will still enable the groups to continue their daily business without disrupting their social bond and behaviors”.

 

The project has been possible through a partnership with CARE International. CARE is one of the worldwide leading NGO in establishing and training savings groups and assists them along their growth. Commenting on its partnership with AccessBank Tanzania, Care representative Mr Christian Pennotti said In Tanzania, CARE’s portfolio includes 10,000 trained and fully-independent VSLAs representing approximately 250,000 members. Thanks for AccessBank for joining hand with CARE international to make sure these groups are benefited from Banking services.

 

Access Bank has also been supported by Selcom, its long-standing technology partner. Commenting on the launch Mr. Gallus Runyeta Manager said SELCOM Project “We are very proud to be the key partner of AccessBank and supporting the launch of KIKUNDI powered by AccessMobile. With AccessBank we have been instrumental in extending mobile financial services in extremely innovative ways to thousands of customers and together we have managed to bring AccessMobile and AccessBank WAKALA in the market.

 

Specifically, a VSLA is a savings group which is generally comprised of 15 to 30 members and these members meet on a weekly basis for the purpose of buying shares, giving loans to each other and discuss other social issues including community welfare. Cash is kept inside metal cashboxes provided with 3 padlocks. A group usually has five governing persons selected internally, including the Chairman, two money counters, Secretary and Treasurer. Three other members of the group are key holders to the cashbox which is opened once the weekly meeting has commenced. Unfortunately, despite the security of the 3 keys system, the metal cashbox has not always proved to be a safe option; it is often stolen particularly at the end of the savings cycle where balances tend to reach their highest level.  As such,.

 

Commenting on this Mr Enock Kipwate, Manager Service Delivery Channels said  “ the bank  has decided to provide a tool to these groups in order to substitute this cashbox with an account linked to mobile banking where every transaction is initiated from the Chairperson’s phone but requires the authorization of the 2 treasures, each from their own mobile phones.

“Our AccessBank Wakalas, are strategically located close to groups’ locations in order to cater for their cash-in and cash-out needs. As cash-in will not require any authorization, cash-out will still require the tri-party’s authorization in order to be performed Mr Kipwate added. Finally, VSLAs using Access Bank’s 3 mobile banking profiles platform can benefit from Access Bank long standing commitment to free mobile banking transactions, and join the rest of the clients who are already using this service.

 

the banks’ Marketing Officer Mr. Sijaona Simon said “Unfortunately, savings group have long been excluded by formal financial institutions including banks with often too expensive products or too stringent requirements in documentation. The aim of this product is to cater exactly for them”  The uptake of this product has already been very exciting as more than 100 groups have already started banking with Access Bank Tanzania and many more are expected to join the bank in this journey.”

AccessBank Tanzania (ABT) is a socially responsible commercial bank with a special focus on micro and SME finance. With very strong international shareholders such as AccessHolding, International Finance Corporation (World Bank), KfW, African Development Bank and MicroVest, ABT’s vision is to be committed to the development of financial systems that support social progress by rendering services to all people with the same ambition for excellence, safety, and quality.