NMB Bank Launches Tanzania’s First Wearable Payment Solution

Dar es Salaam – NMB Bank Plc has achieved a significant milestone in Tanzania’s digital finance sector with the introduction of NMB TAP Wearables, the nation’s first tokenised wearable payment solution.

This groundbreaking innovation places NMB at the leading edge of modernising the country’s payment ecosystem, as the institution continues to drive secure, convenient and inclusive cashless payment alternatives.

During the launch event held in Dar es Salaam, NMB’s Chief of Retail Banking, Mr Filbert Mponzi, characterised NMB TAP as a transformative development in Tanzania’s progression towards a digitally enabled economy.

The solution strengthens NMB’s position as an innovator in cashless technology while broadening access to contemporary payment tools across various customer demographics.

"NMB TAP is a world-class innovation that reflects our leadership in setting banking standards in the country. It demonstrates our readiness to continuously innovate and ensure customers benefit from secure, modern and globally competitive solutions," Mr Mponzi stated.

Developed through a partnership with global payments leader Mastercard, NMB TAP allows customers to conduct rapid and secure cash-free transactions using wearable devices including rings, bracelets and payment stickers.

With a simple tap, users can complete payments at supermarkets, fuel stations, hotels, restaurants and all Mastercard contactless-enabled point-of-sale terminals throughout the nation.

NMB’s Director of Investor Relations, Sustainability and Corporate Communications, Mr Innocent Yonazi, emphasised that the innovation extends beyond a mere product launch, representing a strategic advancement towards a customer-focused digital payments infrastructure.

"Through our partnership with Mastercard, NMB TAP introduces a payment experience that has never existed before in Tanzania, setting a new benchmark for the future of banking in the country," he explained.

Mastercard’s Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands, Mr Shehryar Ali, highlighted that the solution utilises advanced tokenisation technology to strengthen payment security.

"Sensitive card details are replaced with encrypted tokens stored securely on the wearable device, ensuring cardholder information is never exposed during transactions," he confirmed.