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Selcom’s shared agency banking, Qwiksend debuts in market

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Last updated: July 17th, 2019.

Banks in the domestic market can now access Selcom’s shared agent agency banking platform dubbed, ‘Qwiksend’ which was launched in Dar es Salaam during the week.

Selcom Tanzania’s Executive Director, Sameer Hirji said during the launch that Qwiksend, has been designed for participating banks’ customers to get quick and effortless access to touch points for essential banking services such as  deposits, withdrawals, balance inquiry, mini-statement, funds transfer and instant account opening.

Hirji said with the recent focus on Tanzania’s financial inclusion framework, the service is strategically aligned to enhance affordable reach and penetration to the underserved, underbanked and unbanked population of Tanzania.

“Our guiding principle is to promote financial inclusion in Tanzania. As a service provider, we continually aim to design solutions that assist our bank partners to grow. Qwiksend is specifically designed to create financial access in areas where it has historically been unviable for banks without the need to incur massive costs of establishment,” the Selcom chief noted.

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“Simultaneously, the shared float model in place for our thousands of agents, allows them to easily come onboard this service enhancing their working capital to be utilized more efficiently, resulting in higher returns per turnover cycle,” he noted.

Leveraging the popularity of Selcom’s network of over 18,000 agents, Qwiksend not only eliminates the need to acquire dedicated point of sale machines and associated costs of training, repair, but inherently makes the bank offerings more scalable without losing the impact of an offline customer service touchpoint for banks.

Selcom is successfully implementing this service with NMB Bank, CRDB Bank, NBC Bank, TPB Bank, Amana Bank, Access Bank and Letshego Bank. Six more banks are presently in prelaunch user-acceptance-testing phase and Selcom aims to cover over 35 banks in the next quarter.

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As a recurring pain-point identified during the research, Selcom has also uniquely ensured the availability of float for all agents offering Qwiksend through a shared infrastructure model which enables agents to serve customers from multiple banks, the ED added.

Selcom is a leading cross-segment financial and payment services provider based in Tanzania with a growing footprint across Sub-Saharan Africa focusing on digital, card and card less processing services.

Further read: Selcom and Business Connexion launch Interbank transfers in Tanzania

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