We are excited to share a regulatory milestone that Amala has achieved on our mission to simplify how financial services are delivered to underbanked community. Amala is now licensed by the Bank of Tanzania to operate as a Payment System Provider. This enable us to improve our services that Microfinance and SACCOS in Tanzania can leverage and provide best financial services.
With this new license issued under the Payment Systems Licensing and Approval Regulations, 2015. Amala is authorized to operate regulated payment systems in Tanzania and provide payment services to financial institutions that are using our core banking system.
“This milestone is a one step to enabling Africans to be financially included, we are delighted to receive this license and it demostrate our commitment to improving how Microfinance and SACCOs are providing their financial services to their clients. This enable us to provide secure, convenient, and innovative digital financial products and services to our clients” Says Mexina Daniel, CEO of Amala.
Amala is a technology company that provides digital products that improve delivery of financial services of Microfinance and SACCOS to their clients. With its flagship product Amala Core Banking System, Microfinance and SACCOS are able to manage their clients, loan disbursements and repayments with automated interest and penalty calculations, manage their saving products and share products. The platform offers an embeded accounting package and provides both operational and regulatory reports required by Bank of Tanzania for Microfinance and Tanzania Cooperative Development Commission for SACCOS. Amala also offer a mobile app where members of SACCOS and clients of MFI can access the financial services through their phones.
Now a member of a SACCOS will be able to make a loan repayment, make deposit to his savings or purchase shares direct using Amala products and the record be updated on the core banking system used by financial institution which saves time used by SACCOS staffs to record and reduce human errors. This will increase productivity of the financial institutions and enable them to grow and serve more people.
For Microfinance and SACCOS looking to automate their processes with the best core banking system that enable them to grow their businesses and be compliant. You can reach us through email huduma@amala.co.tz or call us on +255 766 521 258.
