Bank of Africa (BOA) – Tanzania has marked its 10 years of doing business in the country with introduction of an array of technological innovations in its funds transfer services, which it says revolutionises the way people send and receive money using mobile phones.
The new service involves cardless ATM withdrawals or remittances that enable the bank’s customers to initiate fund transfers at any of the BOA electronic banking outlets or UMOJA automated teller machines to any mobile number.
“Once a transfer is done, the recipient will receive a secure code via SMS to perform the cardless withdrawal at any Bank of Africa ATMs or UMOJA Switch ATMs in Tanzania without requiring an ATM card,” it said in a statement.
According to the statement, the introduction of the new service seeks to revolutionise the way people send and receive money as it only requires a mobile phone to receive funds, even if one is not a BOA customer. The bank also said that it has migrated from the traditional magnetic stripe to EMV chip based ATM cards.
Speaking on the development, Muganyizi Bisheko, Marketing, Research and Development Manager of BOA Tanzania said: “EMV (Europay, MasterCard®, Visa®) is a micro-chip technology that provides increased security capabilities. EMV chip cards are equipped with a small metallic square on the front of the card that stores account information more securely to protect against fraudsters/card fraud resulting from counterfeit, lost or stolen cards.
“We therefore request our esteemed customers to surrender old magnetic stripe ATM cards and get new EMV chip-based ATM cards at any of our branches before September 30, 2017.”
In another development, Bisheko said BOA- Tanzania as a part of the Umoja Switch member banks, now accepts Union Pay cards. UnionPay International (UPI) is a subsidiary of China Union Pay focused on the growth and support of UnionPay’s global business in partnership with more than 1000 institutions worldwide.
Bank of Africa began operations in Tanzania in June 2007 after acquiring Euroafrican Bank, which had been operating in Tanzania since September 1995. It is part of the Bank of Africa Group that currently operates through a network of commercial banks in 18 counties namely; Benin, Burkina Faso, Burundi, Cote d’Ivoire, Djibouti, DRC, Ethiopia, France, Ghana, Kenya, Madagascar, Mali, Niger, Rwanda, Senegal, Tanzania, Togo and Uganda.
It is headquartered in Dakar, Senegal, with a network of more than 500 operating and service support offices. Since 2010, the Bank of Africa Group has been majority-owned by BMCE Bank, the second largest private bank in Morocco.
“BMCE Bank brings strong strategic and operational support to the Bank of Africa Group, as well as direct access to the international market as a result of its presence in Europe and Asia,” the statement reads.