Dar es Salaam, Wednesday 17 February 2021 - Equity Bank (T) has announced a partnership with leading digital money transfer service companies to launch a new instant money transfer service to Tanzania from abroad. The service presents the exciting prospect for the Tanzania community to receive seamless international remittances from their family and friends abroad.
The move will also support the growing demand for remittances in the country and is expected to be an essential platform for Tanzania living abroad to send money home.
Speaking at the event in Dar es Salaam yesterday, Equity Bank MD Robert Kiboti said the services are into two main categories; Remittances that channelled through a partnership with the world giant remittance companies of Western Union, Money Gram, World Remit, Small World, SimbaPay, Transact, Terrapay and Thunes. And the second one, according to the MD, is known as Inter-Country; which is a platform that is connected through all Equity Bank branches (Kenya, Tanzania, Uganda, Rwanda, DRC, and South Sudan), at a minimal cost of only USD 6 per transaction of below TZS 10 million.
"We are proud to provide a reliable financial link between Tanzanians in diaspora and their families back home. We aim to expand our network expeditiously and provide 100 percent coverage of countries popular with millions of Tanzanians abroad. We are extremely proud to be linked with these global remittance companies such as World Remits and Western Union, who have an impressive global network linking Tanzania to the rest of the world," said the MD.
Currently, Tanzania is the second top-earner in Africa when it comes to remittance-receiving, with 4 million Tanzanians in diaspora sending home close to $437 million in remittances 2020, according to the World Bank.
Tanzanians living abroad will now be able to send secure, instant bank transfers to friends and family in Tanzania from anywhere in the world. Equity Bank will then disburse the funds using its instant payment service within 24 hours. The monies can be disbursed in cash at any Equity Bank branch or agency or direct deposit to respective Equity Bank accounts.
About the convenience of the services and future expansion plans, the MD narrated, "We’re excited to expand and reach more Tanzanians abroad so they can save and invest at home. Along with our Diaspora products, we aim to demonstrate our long-standing commitment and convenient service to Tanzanians abroad. Equity Bank is a highly respected financial institution with an extensive network throughout the country and across the region. Our partnership with these money remittance giants will ensure our fellow Tanzanians in the diaspora have the widest choice of payout options when sending money back home.” Said Mr. Kiboti.
Globally, World Remit customers send 700,000 transfers every month to over 140 destinations.
About Equity Bank
Equity Bank Tanzania Limited is a commercial bank working as a subsidiary of Equity Group Holdings Plc, which has other banking subsidiaries in Kenya, Uganda, South Sudan, Rwanda, Democratic Republic of Congo (DRC). It now operates with 15 branches, more than 3,600 Equity Merchants, ATMs, and mobile and online banking facilities.
Driven by the purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation, Equity Bank operates a business model geared towards serving all citizens and businesses inclusively in line with its vision to be the champion of the socio-economic prosperity of the people of Africa.
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