📌Stanbic Bank Tanzania launches “Lipa na Stanbic,” a digital payment solution that enables merchants to receive payments from all mobile networks and other banks directly into their bank accounts quickly and securely, simplifying the completion of sales transactions.
📌Stanbic Bank, the third largest bank in Tanzania, is enhancing financial solutions to improve payment methods for its customers.
📌Stanbic Bank works closely with the government and financial sector regulators, including adhering to the TANQR guidelines issued by the Bank of Tanzania (BoT), to ensure this solution meets national standards and brings positive changes to the country’s payment ecosystem, leveraging on interoperability.
| Dar es Salaam, Tanzania –
Stanbic Bank Tanzania has officially launched a new solution called “Lipa na Stanbic,” a digital payment solution aimed at simplifying revenue collection for merchants across the country.
Through this modern collection solution, merchants can now receive payments directly into their bank accounts quickly and with better security.
This new service targets the business sector, particularly merchants and institutions, as well as individual customers, by enabling them to accept payments from mobile wallets and banks leveraging on TANQR digital payments infrastructure to increase transactability in the financial sector ecosystem.
Lipa na Stanbic can be used across a wide range of businesses including shops, supermarkets, petrol stations, restaurants, pharmacies, hardware stores, and service providers—essentially any merchant or institution that wants to receive payments quickly, securely, and directly into their bank account, while offering customers the convenience of paying from any mobile network or bank.
“Today’s launch is a significant step in our journey to promote digital payment systems,” said Fredrick Max, Head of Business and Commercial Banking at Stanbic Bank Tanzania, during the launch event held in Dar es Salaam. “We have listened to our customers and understood that they need a simpler, safer, and more beneficial way to collect payments. This is the solution itself.”
“This is a special year for us as we celebrate 30 years of our existence in the country. It has been a journey full of resilience, success, and significant contributions to supporting business growth, thereby driving the overall growth and development of our nation,” he added.
Through Lipa na Stanbic, clients can receive payments from their customers across all mobile networks and other banks. All funds are settled directly into the client’s business account, enabling better cash flow management and enhancing financial security.
“This service is secure and simple, streamlining sales, providing real-time business data to Clients and giving them flexibility of managing their businesses on the go. It also creates a traceable financial history, which is an important prerequisite for accessing credit”, said Sharon Mujuni, Head of Transactional Banking, Business & Commercial Banking during the launch event held in Dar es Salaam.
Stanbic is also committed to continually providing financial education and solutions to its clients to help strengthen their business operations, access to finance and overall growth.
For her part, the Manager of Oryx filling station in Mwenge, Matrona Ngowi said, “This will be a great service for us as petrol vendors for Stanbic Bank to make it easier for our customers to pay by using Lipa Simpo na Stanbic which is an improved Lipa number service, when payments are made, they go directly to the Bank”. Said Ngowi
