5th September 2017, Dar es Salaam: Access to financial services in rural areas has become increasingly challenging, with various stakeholders including the government seeking various ways to ensure reliable financial services reach targeted audiences. Recently, financial services through the telecommunication industry have been considered as one of the solutions due to continuous growth, speed of technology and creativity and in the industry..The challenge and the advancement of technological development has provided an opportunity for Halotel Telecommunications Company in partnership with FINCA Microfinance Bank, to establish a service which allows a customer to open an account and keep savings on their mobile phone through a service named Halo Yako which was launched today by the Minister for Finance and Planning Hon. Phillip Mpango.

Speaking at the launch ceremony Hon. Mpango said that “The government has continually created a friendly environment for large and medium-sized businesses that aim to simplify financial services and provide solutions to the challenges that face Tanzanians particularly in economic development.

“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, “he said. The Minister added that “Halotel and FINCA Microfinance Bank have the same goals which aim to support low income level Tanzanians who mostly live in the rural areas, our belief is that this partnership will have a great impact on the Tanzanian community and will help build a savings culture “.

He also urged the companies to ensure that they provide adequate education so that Tanzanians can understand the importance of the service and be able to make good use of it while calling on the Tanzanian community to keeping their funds in the house and to start a culture of saving for specific financial goals.

Speaking at the event the Managing Director of Halotel Tanzania Le Van Dai said,” We are pleased with this partnership between Halotel and FINCA. On our side this is a big achievement which is in support of the efforts by various stakeholders to provide financial service solution to all Tanzanians. Halotel always strives to be more than a telecommunication company; we want to be a company that works daily to improve the lives of the people socially and economically.”

“Through this service we are sure that Tanzanians all over the country will be able to start a savings culture through Halo Pesa and achieve their goals. Halo Yako allows one to open up to five savings accounts with specific goals and time frame. Halo Yako will keep track of your savings, remind you of your commitment while rewarding you monthly with an interest according to your savings and also free mobile bundles,” Dai continued.

Speaking on behalf of FINCA Microfinance bank Tanzania, the Managing Director Issa Ngwegwe said that “FINCA’s mission is to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standard of living. And today we are proud to partner with Halotel as the financial partners in providing this service. It is our utmost hope that many Tanzanians will choose this very innovative service to improve their lives and FINCA promises to continue bringing solutions to ensure lives are improved all over the country.”

Ngwegwe continued “Halo Yako is not just a mobile financial product, it is a goal oriented savings account product which is an answer to many Tanzanians who are seeking savings products to be able to pay towards their various financial obligations including school fees, house rent, making investments, paying for health services, and even for traveling on holidays.Through Halo Yako a customer can make a plan and start savings towards the goals set and that way avoid debts and being unable to meet crucial financial obligations of the family.”

HALOYAKO will operate through the HALOPESA service which is the Halotel mobile money service that allows a subscriber with a mobile phone to send and receive money quickly, safely and conveniently.