By Alfred Zacharia
I&M Bank Tanzania has launched a transformative campaign, ‘NI BURE KABISA,’ aimed at eliminating the cost of bank-to-mobile wallet transfers for its retail customers.
Launched on March 3, 2025, the initiative is set to revolutionize the way individuals and small businesses, particularly SMEs, conduct financial transactions.
The bank is positioning itself as the first in Tanzania to offer unlimited free transfers from I&M Bank accounts to mobile money platforms such as M-Pesa, Tigo Pesa, Airtel Money, and HaloPesa, thereby significantly reducing the financial burden on its customers.
The high costs associated with transferring funds between banks and mobile wallets have long been a challenge for Tanzanians, especially for small businesses that rely on mobile money for their daily transactions.
With bank-to-wallet transfer fees reaching as high as TZS 12,000 per transaction, many SMEs have struggled to manage their finances efficiently.
I&M Bank’s bold step to eliminate these fees is expected to lead to substantial savings, empowering businesses to reinvest in their operations and grow.
Mobile money has become a dominant force in Tanzania, with penetration rates between 70-80%. The widespread use of mobile money services makes them a critical part of the economy, particularly for those without access to traditional banking services.
I&M Bank has recognized this shift and has embraced the role that mobile money plays in the lives of its customers.
By waiving off the transaction charges for bank-to-wallet transfers, I&M Bank seeks to enhance financial accessibility and convenience for its customers, particularly SMEs, who stand to benefit the most from this initiative.
"For a decade, the bank primarily served corporate business clients. However, we have recently expanded strategically to cater to the retail segment. With over 45 banks in the market, 33 of which are commercial banks, our key differentiator lies in offering relevant customer propositions and a distinctive customer experience," said Zahid Mustafa, CEO of I&M Bank.
He further emphasized that the campaign reflects the bank's broader commitment to offering customer-centric and innovative financial solutions.
Through this move, I&M Bank aims to provide SMEs with a cost-effective way to conduct their business transactions, enabling them to save money and increase their profitability.
To cater to the unique needs of SMEs, I&M Bank has introduced two new accounts—Moja Biashara and Zaidi Biashara.
These accounts are designed for non-salaried individuals and business owners, providing them with essential banking services without the heavy fees typically associated with mobile money transfers.
In addition to cost-free mobile wallet transfers, these accounts offer unsecured loans and mortgages, providing a comprehensive suite of services that help businesses thrive.
The launch of these accounts follows extensive customer feedback, which highlighted the need for more affordable and accessible financial products for SMEs.
"This campaign is driven by the direct feedback from our customers, especially SMEs, who often face challenges with high bank-to-wallet transfer costs. With ‘NI BURE KABISA,’ we aim to support their growth and enhance their financial flexibility," said Simon Gachahi, Head of Retail & Digital Banking.
By listening to its customers, I&M Bank has crafted a solution that meets the specific needs of Tanzanian businesses, helping them navigate the financial challenges they face on a daily basis.
In addition to providing a zero-cost transfer solution, the bank has made efforts to ensure the campaign reaches a wide audience. I&M Bank is employing various strategies, including street activations in cities such as Dar es Salaam, Mwanza, Arusha, and Moshi, to educate SMEs about the new services.
The bank has partnered with campaign ambassador Meena Ally, a journalist and entrepreneur, who will help spread the word and encourage SMEs to open accounts with I&M Bank.
Meena Ally, who also experiences the burden of high transaction fees in her own businesses, expressed her enthusiasm for the initiative.
"As an entrepreneur myself, I know how costly these transaction fees can be. I’m happy to support this campaign because I believe it will help many business owners like me save money and operate more efficiently. My wish is to see more entrepreneurs join I&M Bank for better services," she said.
"In addition to zero-cost mobile transfers, our customers can earn up to 4% interest on their account balances. The campaign also extends to providing instant money transfers between I&M Bank branches in Tanzania, Kenya, Uganda, and Rwanda," said Deepali Ramaiya, Head of Consumer Banking.
The benefits of this campaign are not only limited to domestic transactions but also extend to the bank's regional network, making it easier for customers to send money across borders.
I&M Bank’s ‘NI BURE KABISA’ initiative is a significant step forward in making banking more inclusive and accessible for Tanzanians, particularly SMEs.
By eliminating costly transaction fees and offering tailored banking products, I&M Bank is helping businesses lower their operational costs and grow sustainably.
As the mobile money ecosystem continues to expand, I&M Bank’s forward-thinking approach is setting a new benchmark for the financial sector in Tanzania.
"Through our Mchakamchaka activations and partnership with Meena Ally as our campaign ambassador, we aim to educate SMEs about our solutions and help them open accounts with us," said Zainab Maalim, Head of Digital Lending, Marketing & Communication.