The Tanzanian financial landscape is undergoing a significant transformation with the recent acquisition of Access Microfinance Bank Tanzania Limited by Selcom Tanzania. This strategic move paves the way for the creation of Selcom Microfinance Bank Tanzania, the country’s first dedicated digital bank.

In an ambitious move, the bank plans to grow its capital from Sh8.9 billion to Sh20 billion over the next two years. This significant growth surpasses central bank requirements and reflects the bank’s commitment to expansion.

Partnerships for Growth:

Selcom, a leading force in Pan-African financial and payment technology, brings its extensive experience in mobile banking and digital payments to the table. Founded in 2001, Selcom boasts a vast network of over 25,000 point-of-sale terminals.

They’ve played a pivotal role in driving mobile banking and payment services across Tanzania, connecting over 40 banks and empowering over 100,000 merchants with their robust payment solutions.

Empowering Micro and Small Enterprises:

The newly rebranded bank will continue to prioritize providing crucial financial support to micro and small enterprises (MSEs), a vital sector for Tanzania’s economic growth. This commitment is strengthened by Selcom’s robust technology platform and innovative financial products.

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Introducing Get Paid to Pay

One exciting development for customers is the planned introduction of Selcom’s “Get Paid to Pay” program. This innovative initiative allows users to earn rewards and benefits simply by engaging in everyday financial activities with the bank.

A Customer-Centric Approach:

Selcom Microfinance Bank promises a customer-centric approach, tailoring financial experiences to individual needs. Whether you’re an entrepreneur seeking flexible financing, a salaried worker looking for efficient banking, or a student requiring affordable solutions, Selcom aims to meet your needs with precision and care.

Growth and Expansion:

Selcom Microfinance Bank has ambitious plans for growth, targeting a significant increase in capital over the next two years. This expansion will allow them to serve a wider range of customers and contribute meaningfully to Tanzania’s financial sector.

Focus on Underserved Businesses:

Julius Ruwaichi, CEO of Selcom Microfinance Bank, highlights the vast potential of Tanzania’s small retail businesses. The bank aims to leverage Selcom’s extensive network and expertise to reach these underserved businesses and empower them through access to loans and financial services.

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Building on a Strong Legacy:

Access Microfinance Bank, with its established track record of serving over 200,000 small-scale traders since 2007 and benefiting from loans amounting to Sh1.6 trillion, forms a solid foundation for the new bank.

Selcom Microfinance Bank assures a smooth transition with no impact on current customer rights or ongoing operations.

The arrival of Selcom Microfinance Bank marks a significant step towards a more connected and inclusive financial ecosystem in Tanzania. By combining traditional banking services with cutting-edge fintech solutions, this innovative institution is poised to redefine the way Tanzanians experience financial services.

With a focus on customer satisfaction, empowering MSEs, and financial inclusion, Selcom Microfinance Bank is a welcome addition to Tanzania’s financial landscape.