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Foreign exchange services now through ATMs

TANZANIANS travelling abroad and international tourists are now set to access forex services using new currency exchange ATM machines to be placed at all the country’s major airports.

Airports that will benefit from the new exchange ATMs are Julius Nyerere International Airport – Terminal III, Kilimanjaro International Airport and Amani Karume International Airport in Zanzibar.

This first ever currency exchange ATM machine introduced by NMB Bank Plc is bringing about new development in forex dealings that will ensure customers the availability of reliable and efficient foreign exchange services in the country.

To begin with, the NMB currency exchange ATM machines will provide exchange services on three international currencies namely US dollars, Euro and Pound Sterling to Tanzania shilling.

This is an important milestone in the banking industry and other financial institutions taking active role and introducing innovative solutions on forex dealings after the central bank, Bank of Tanzania (BoT), closed some bureau de change shops for failure to adhere to regulations governing the business.

Speaking at the launch of the new service in Dar es Salaam on Wednesday, BoT Director of Financial Sector Supervision Mr Jerry Sabi commended NMB bank for responding positively to the central bank’s call for banks to engage actively on foreign exchange business.

“NMB bank has gone a step further in response to the financial sector regulator’s quest by introducing the innovative solution on forex exchange business that will provide reliable and efficient foreign exchange services to both Tanzanians and tourists,” he said.

Mr Sabi urged other banks and financial institutions to emulate NMB in bringing about new innovative banking services in foreign exchange business and other banking services.

NMB Bank Chief Executive Officer Ms Ruth Zaipuna said NMB Bank Plc customers can from now exchange up to 2,000 US dollars at once at the bank's exchange rate. This means that a customer can deposit US Dollar, Euro and Pound Sterling at the ATM and receive Tanzania shillings.

She said in response to the BoT call, NMB stepped quickly in and offered to the public, both customers and non-customers, access of bureau de change services through its branches network given that the lender’s footprint of 225 branches countrywide.

She said already NMB has bureau de change facilities operating at KIA, JNIA (Terminal III), Clock Tower and AIM Mall (Arusha).

Now both NMB customers and non-customers can exchange their cash foreign currencies completely self-service by using the new NMB currency exchange ATM. They can exchange their USD, GBP and EUR to TZS.

Ms Zaipuna further added that cash currency exchange is now fast, easy and completely self-service with NMB currency exchange ATM starting with three major currencies namely USD, GBP and EUR while more other currencies are in the pipeline.

The NMB FX ATM machine has come at the right time to bridge the gap in both foreign exchange service availability and safety.

DEBT analysts are projecting the five-year Treasury ...



  • avatar

    Kudos to the banking sector for this innovation.

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