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Selcom acquires Access Microfinance Bank Tanzania

Selcom Microfinance Bank becomes the first digital bank in Tanzania, a significant step towards an empowered financial ecosystem

Selcom Tanzania has announced the acquisition of Access Microfinance Bank Tanzania Limited and rebranded it as Selcom Microfinance Bank Tanzania Limited.

Founded in 2001, Selcom is known for its extensive network of over 25,000 point-of-sale (POS) terminals and as a leading enabler of mobile banking and payment services in Tanzania. The company has connected over 40 banks to mobile banking and supports over 100,000 merchants with its payment solutions.

Selcom POS

The acquisition aims to blend Selcom's fintech solutions with Access Microfinance Bank's traditional banking services.  Selcom is also keen on reshaping the country's financial services delivery and experience.

One innovative solution being extended to the bank's customers is the "Get Paid to Pay" program, which allows customers to earn rewards and benefits by engaging in everyday financial activities.

In addition, Selcom's expertise in digital financial solutions is expected to enhance the capabilities of the newly rebranded bank, allowing it to reach a broader customer base and provide a comprehensive suite of financial services.

From now on, Selcom Microfinance Bank will continue to provide crucial financial support to micro and small enterprises, leveraging Selcom's robust technology platform and innovative product offerings.