[Tanzania] NMB Bank partners with Mastercard to provide commercial motorcycle riders with digital payment solution
NMB Bank PLC has partnered with Mastercard to provide commercial motorcycle riders (boda-boda riders) and customers in Tanzania with a digital payment solution.
The mobile technology, Masterpass QR, will enable riders to receive payments from customers directly to their NMB bank accounts, introducing them to a safe and secure payment platform that includes them in the financial ecosystem
Leveraging Mastercard’s QR technology, the cashless payment solution will also enable boda-boda riders to track their income, while allowing customers to conveniently and securely pay for trips by simply scanning a QR code or a merchant pay number using the USSD option on their mobile phone.
The service will first be launched in Dar es Salaam and then rolled out in Mwanza, Arusha, Ruvuma, Dodoma and Mbeya in the coming weeks.
Commenting on the announcement, Jenista Mhagama, Minister of State in the Prime Minister’s Office (Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled), said: “This great partnership is fully supported by the government as it now provides access to suitable and secure payment options for the boda-boda community whilst also making a positive contribution to the country’s economy. We are confident that this move will help to formalize the boda-boda business.”
Ruth Zaipuna, NMB Bank’s Acting Managing Director, said: “The digitization of boda-boda payments is a key component of NMB’s drive to enhance financial inclusion within the communities and among its customers. We all understand the obvious security risks that come with handling cash. With Mastercard QR, we are providing an efficient means for boda-boda riders to receive payments from all MNOs and commercial bank customers that are Mastercard QR enabled directly into their NMB Bank accounts, thereby eliminating cash. This move will not only help boda-boda riders enjoy banking services, but also secure their money as well as their own personal safety.”
Adam Jones, Area Business Head East Africa, Mastercard, said: “Tanzanians are technologically savvy and have a proven appetite for digital payments. This partnership will not only provide boda-boda drivers and customers with a seamless, superior payments experience, but is also a significant step towards creating a cashless economy across the country. Boda-bodas are one of the most popular modes of transport in Tanzania, so we are confident that the implementation of this cashless solution will have a substantial impact on driving inclusive growth as well.”
The free mobile payment solution is expected to accelerate safe digital payments and financial inclusion among boda-boda riders. NMB is planning to reach over 75,000 riders in one year alone, and plans to reach at least two million boda-boda riders in a few years.
Over 1,000 boda-boda riders have been trained so far on the use of the instant QR payment on mobile, highlighting its simplicity, convenience and other benefits.
To pay for a boda-boda ride, the passenger simply scans a QR code on the NMB mkononi app. They can also pay with a feature phone; dial *150*66# to access the NMB Mobile menu, select ‘payment services’ and select ‘Mastercard QR’.