In Summary

This was said by Ms Renalda Ngowi, the village community banks (Vicoba) trainer during the launch of improved Akiba Commercial Bank (ACB) Vicoba account and mobile application.

Dar es Salaam. The development of mobile banking applications have helped to improve savings, while building confidence among members of savings and credit groups.

This was said by Ms Renalda Ngowi, the village community banks (Vicoba) trainer during the launch of improved Akiba Commercial Bank (ACB) Vicoba account and mobile application.

“The mobile banking apps have brought revolution to savings and credit groups when it comes into savings due to its security,” she said.

She said that in the past, most savings and credit groups used to open accounts in banks or financial institutions, but these lacked transparency as only three signatories had access to account information.

“It came to a point where some of the groups were losing money through theft after two signatories colluded and withdrew cash from the group account without other members’ consent,” she said.

However, she said since the introduction of the ACB Vicoba account app, every member of the group will now have direct account information through their mobile phone.

“The issue of theft will now be history as every member of the group will be connected to the account and any transaction made will be alerted to each member’s phone,” she said.

The bank’s head of finance Ms Bertha Swai said the objective of improving Vicoba account and introduced an app was to reduce risks and costs that are associated with operating a normal bank account.

“We aim at supporting the government to improve financial inclusion among Tanzanians, especially women,” she said.

She said through the developed app, customers will be able to deposit, withdraw or transfer cash from and into the account, which saves time and costs when one will opt to use physical bank branch.

The launch of improved Vicoba account and developed app was part of commemoration of the International Women’s Day yesterday as most of the beneficiaries of the product are women.