National Microfinance Bank Pic (NMB) has signed a strategic partnership agreement with Mastercard to ensure the digitization of the agricultural sector in Tanzania with the rollout of eKilimo, amobile solution developed by the Mastercard Lab for Financial Inclusion.
eKilimo, which in Swahili means ‘eAgriculture’, is a digital platform that will help, introduce efficiency, security and transparency in the agriculture supply chain. The solution will make transacting faster, safer, and easier for all stakeholders including the farmer, the buyer and the agent.
Powered by the digital platformdeveloped by the Mastercard Lab, farmers are now able to conduct the entire transaction process of receiving payments and selling produce via a feature or smartphone, without having to walk hours to markets. This helps to ensure farmers benefit from the ability to capture a higher percentage of the wholesale value of their goods by providing price transparency and more direct access to buyers.
NMB Managing Director – Ineke Bussemaker signing a partnership agreement with Mastercard President for Middle East and Africa – Raghu Malhotra at a press signing ceremony held in Dar es Salaam today. The partnership will pave way for digitization of the agricultural sector in Tanzania with the rollout of eKilimo, a mobile solution developed by the Mastercard Lab for Financial Inclusion. Looking on the left is the NMB Acting Chief Retail Banking – Abdulmajid Nsekela and right is the Mastercard Division President Sub-Saharan Africa – Daniel Monehin.
“Contributing a significant USD 13.9bn to Tanzania’s GDP (nearly 30 percent), it is critical that solutions are found to support this vital sector, ensuring sustainability and growth.Technology is having a significant impact already, and the mobile device is giving small holder farmers the power and ability to move beyond cash,” said Raghu Malhotra, President, Middle East and Africa, Mastercard.
By providing digital payment to farmers, eKilimo will leverage the existing agency banking structure to facilitate account opening for farmers and joint ideation on new product features. This is in line with the Mastercard vision of a more digitally and financially included Africa.
NMB Managing Director – Ineke Bussemaker exchanging partnership contracts with Mastercard President for Middle East and Africa – Raghu Malhotra at a press signing ceremony held in Dar es Salaam today. The partnership will pave way for digitization of the agricultural sector in Tanzania with the rollout of eKilimo, a mobile solution developed by the MasterCard Lab for Financial Inclusion. Looking on the left is the NMB Acting Chief Retail Banking – Abdulmajid Nsekela and right is the Mastercard Division President Sub-Saharan Africa – Daniel Monehin.
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