FINCA Microfinance Bank Tanzania, in partnership with the mobile network operator Halotel, launched HaloYako — a first of its kind mobile savings product. The service allows customers to open a free account and keep savings on their mobile phone. Customers can set savings targets – like paying for their children’s education – and earn free mobile airtime as they achieve the goals.
Speaking at the launch event, the Minister for Finance and Planning in Tanzania Hon. Phillip Mpango said that “The government is ready to collaborate with companies that aim to eradicate poverty from Tanzanians by growing their income to improve their lives. Through a service like Halo Yako service, I believe more Tanzanians who do not have access to banking services can now use this service and achieve their financial goals.”