Tanzania: Exim Bank Adopts New IT Platform

Mergers, Acquisitions and Financial Results

Exim Bank Tanzania has now moved on to a new state-of-the-art Information Technology (IT) platform for its Core Banking applications.

Speaking in Dar es Salaam on Tuesday, the Bank's Group-Head, Operations, Mr Eugen Massawe, said:"It has been a landmark achievement having migrated to the new state-of-the-art solution, with much ease, since October 17.

The new solution has been sourced from M/s Polaris Software Labs Limited, one of the leading IT enabled Banking solution provider in the world. Massawe said: "Exim Bank has always been distinctive in its approach towards customer satisfaction, be it in introducing innovative products or using technology for faster and effective delivery". The new solution shall be a delight for our customers", he added.

Mr Massawe said that it has been a meticulous and well coordinated effort from the bank and the software vendors that has resulted in achieving the success.Highlighting features of the solution, he said that customers shall now be able to benefit with value added services including Internet Banking from the comfort of their homes or offices. It will facilitate more efficient transfers of funds within the bank, outside the bank, request for issuance of Letters of Credit, Application for Credit Facilities shall have several other value added features.

The bank has been providing down load of statement of accounts, balance enquiries.
On cash management services -- Business houses would now be able to manage their funds effectively with the help of Bank's Cash Management solution.

The bank shall be at a distinct advantage with 21 branches across major centres in the country, providing Corporates a One Stop Solution for all their banking needs.
All payments to TRA would be system-enabled with relevant information available for the remitter for future references.

Educational institutions such as schools, colleges, universities have been facing perennial problems in collection and management of fees from Students.

The bank has launched an ideal solution that shall not only facilitate students, parents with a wide option to choose the place of deposit, but shall be a boon for the institutions as it will eliminate lot of human effort and facilitate reconciliation of fees collection electronically.

There is instant credit of inward remittances, straight through credit of both local and foreign remittances is yet another feature which shall help the customers in getting their remittances into their account, seamlessly.

With the new facility, customers would be able to request for instant opening of Letters of credit, Guarantees and collection Import & export bills over net itself and shall be advised with the confirmations electronically. Having pioneered in inculcating the habit of savings amongst the masses through its FAIDA, an innovate savings account, the bank is embarking to launch yet another innovative product.

The product, enabled by the new solution, is aimed to inculcate the habit of regular savings amongst people, to plan and secure their future. An Innovative product for would be millionaires & billionaires of the economy!! After-all, little drops make an ocean !!

Institutions and corporates can now relax and ensure payment of salaries of their employees on time and without hassle through Exim's salary account-facility. Customers can also utilise the safe locker facility of Exim for safe-keeping of their valuables, without fear of theft and live a tension-free life.

Customers can henceforth give standing instructions for any regular payment to be made on specified dates, without the botheration of getting reminded and being penalized for delayed payments.

Exim's Master Card and Visa Cards can be very effectively used in the ATMs and POS machines of other Banks.Exim Bank with a balance sheet size of over 800bn/- is the sixth largest bank in the country in terms of total assets, deposits and advances. The bank has 21 branches and 48 ATMs across the country. With the new solution in place, the bank has plans to expand its network aggressively.Exim holds to its credit being the 1st Tanzanian bank to establish footprints overseas. The bank has two overseas banking subsidiaries in Comoros (2 branches) and Djibouti.