Vodacom Tanzania Director of M-Commerce, Epimack Mbeteni (L) and Amana Bank Managing Director, Dr. Muhsin Masoud launching Halal Pesa, a new and innovative M-Pesa mobile service that adheres to Islamic laws on earning profits in Dar es Salaam, over the weekend. The product is the first-to-market innovative product that ensures all citizens have access to formal micro-savings and investment solutions which adheres to Islamic laws.
Vodacom Tanzania Director of M-Commerce, Epimack Mbeteni (C) and Amana Bank Managing Director, Dr. Muhsin Masoud (2nd R) launching Halal Pesa, a new and innovative M-Pesa mobile service that adheres to Islamic laws on earning profits in Dar es Salaam, over the weekend.
Vodacom Tanzania in partnership with Amana Bank has launched a new M-Pesa mobile service dubbed “Halal Pesa”. ‘Halal’, which means ‘lawful’ is a fitting statement to this first-to- market innovative saving product that ensures all citizens and Muslims have access to a formal micro-savings and investment solution which adheres to Islamic laws on earning halal profits. The launch ceremony took place at Serena hotel, Dar es Salaam and was attended by Muslims and other Telco’s customers.
The launch of Halal Pesa plays a key role in Vodacom’s strategy to become a key contributor in the rapidly growing Islamic Finance sector, as the product targets to service more than three quarter of the total Muslim population in the country through M-Pesa, where they will be able to save money and gain profit with incurring interest.
Speaking during the launch ceremony, Vodacom Head of M-Pesa department, Tulisindo Rashid said “Our decision to launch Halal-Pesa is a direct response to feedback from our customers that they want their digital financial services needs met within Shariah principles. For a long time, the Muslim population has been in need of a mobile financial saving system which is tied to the pillars of Islamic faith, and hence this is a solution that will allow Muslim customers to achieve their financial goals while cementing their faith by abiding to sharia laws”.
Vodacom continues to create innovative financial solutions for all by using digital technology at an affordable cost. “Halal Pesa is a user friendly and distinct service that is in line with Islamic principles. The service has diverse choices including saving money for Hajj, children or long-term savings ranging from 3 to 12 months. Also, customers can use halal-Pesa to offer their contributions to the Mosque and Zakat”, added Tulisindo.
Speaking during an interview with the media, Vodacom’s customer Hajjat Hawa Hilal said; “This service comes at the right time as we are in the holy month of Ramadhan. I have been using M-Pesa for quite a long time, but these new services have motivated me to save money for Hajj, Zakat and other plans in harmony with our Islamic sharia”,
The Managing Director of Amana Bank, Dr Muhsin Masoud, said that their partnership with Vodacom is expected to have a positive impact on Tanzania’s Islamic banking sector. “As an Islamic Bank, we have ventured into enabling believers in Islamic faith to deposit savings through formal means. It is our joy to collaborate with Vodacom because, now, we are bringing our bank services closer to our customer’s through Halal-Pesa on mobile money” added Dr Muhsin.
These efforts are in hand with the government’s National Financial Inclusion Framework strategy (2018-2022) that focuses on enabling citizens to have access to formal financial services. “We are supporting the government by innovating and developing services that suit the needs of the population. Halal-Pesa is for all M-Pesa users – Muslims and non-Muslims – who would like to save their money while adhering to Islamic sharia, and we remain firm in our commitment – to be the right partner to our customers in fulfilling their evolving demands; and to the Government’s agenda in increasing accessibility to financial services”, Tulisindo concluded.