By Charles Mkoka
DAR ES SALAAM, Tanzania — Akiba Commercial Bank (ACB) has launched a new digital payment platform designed to help businesses receive cashless payments instantly, as lenders continue expanding digital financial services to support Tanzania's growing retail and commercial sectors.
The platform, branded ACB Lipa, was unveiled in Kariakoo, the country's largest commercial district, where thousands of traders conduct daily wholesale and retail transactions.
Margaret Mwasumbi, ACB's Senior Manager for Digital Services, said the platform enables merchants to receive payments through QR codes and merchant payment numbers, eliminating the need for cash handling while improving transaction efficiency.
"ACB Lipa allows merchants to receive digital payments instantly through QR codes or merchant payment numbers. The system reduces the risks associated with handling cash while providing immediate settlement into the customer's bank account," Mwasumbi said.
She said the platform is interoperable, allowing businesses to accept payments from customers using different commercial banks and mobile money networks across Tanzania.
According to Mwasumbi, merchants only need to open an ACB business account and register for the service. Once approved, they receive a unique QR code within 24 hours, enabling them to begin accepting digital payments immediately.
She said the service also provides automatic transaction records through bank statements, making it easier for businesses to monitor sales and manage financial records.
The bank chose Kariakoo for the launch because of its importance as Tanzania's busiest trading hub and its concentration of small and medium-sized enterprises.
"We wanted to introduce the service where merchants operate every day so they can experience it directly and adopt it quickly," she said.
Local traders welcomed the launch, saying the platform would improve customer convenience and reduce reliance on cash.
Tropa John Mbogera, a clothing trader and an ACB customer for four years, said the new payment option would make it easier to serve customers from across the country.
"This is the service we have been waiting for. Many of our customers prefer digital payments, and now they will be able to pay quickly and conveniently," she said.
Mbogera also credited the bank's lending services with helping expand his business over recent years.
Another trader, Neli Chuma, who has banked with ACB for five years, said the digital payment solution was expected to attract more customers as consumers increasingly rely on electronic transactions.
"People no longer want to carry cash. This service will make payments faster and help us grow our businesses," she said.
The launch reflects the continued expansion of digital payment infrastructure in Tanzania as banks compete to provide interoperable, cashless solutions that improve financial inclusion and support the country's transition towards a digital economy.
