SPENN: An innovative and cost-free payment solution launched in Tanzania

Kristiansand S, NORWAY

Blockbonds together with I&M Bank Tanzania Limited proudly announces full product rollout of SPENN.

SPENN is a mobile banking app powered by I&M Bank Tanzania Ltd, covering both personal and business accounts.
Mr. Jens Glaso, CEO of Blockbonds and SPENN, is proud to enter another African market, after a successful launch in Rwanda in 2018.

“Our mission is to give everyone equal financial opportunities through innovative technology. Making SPENN accessible in Tanzania is a big step to achieve our long-term goal”, Mr. Glaso said.

By downloading the cost-free SPENN mobile banking app, anyone can get a bank account, cost-free. Every user can perform money transfers, payments in stores, and cash-out and deposit at any I&M Bank Tanzania Ltd branch throughout Tanzania completely cost-free.
SPENN also offers a cost-free business solution, which is a free point-of-sale solution to anyone selling goods and services, by upgrading to a SPENN+ user.

Anyone who holds a smartphone can instantly register with SPENN. The registration only requires phone number, name and NIDA (National Identification Agency) number.

“Having a bank account is the first step out of the cash society and can also be the first important step out of poverty” Mr. Glaso said. “We believe it is a human right for everyone to have a bank account, and SPENN is the solution that contributes to financial inclusion and supporting a cashless society for everyone”.

“I&M Bank Tanzania Ltd is a proactive bank and SPENN is a response to customer´s requirements and expectations. SPENN will change the way Tanzanians transact with each other, making it more efficient, more secure and cost-free. We strongly believe that SPENN will increase prosperity for the people of Tanzania”, CEO of I&M Bank Tanzania Ltd, Mr. Baseer Mohammed said.

With a population of more than 57 million people, having fast and affordable internet access, Tanzania is an emerging market expecting a high rate of adoption for the product SPENN.

About Blockbonds AS
Blockbonds is a Norwegian Fintech company and has developed the product SPENN, an advanced Mobile Banking App utilizing blockchain technology with a clear purpose:
Make the world financially connected by uniting the banked with the unbanked population

It is estimated that two billion people worldwide do not have access or use formal financial services. 73% of the poorest population are unbanked because of costs related to setting up services, travel distances and the often-burdensome requirements involved in opening a bank account. SPENN is the solution for everyone to be a part of the cashless society, enabling them to transact money instantly and communicate financially, cost-free.

Jens Glaso, CEO & Founder 
Tel: +47 40 40 47 50

About I&M Bank Tanzania Ltd
I&M Bank was founded in 1974 as a financial service company and started operations in Tanzania in 2010 by acquiring CF Union Bank.

I&M Bank Group traces its roots to Investments & Mortgages Limited, a financial services company started by our Chairman Sarit S Raja Shah’s father SBR Shah in 1974 which operated out of Nairobi’s Koinange Street at the site where the current 16-storey I&M Bank Tower was built later. I&M Bank (T) Ltd came into operation in 2010 when I&M Bank acquired CF Union Bank which had been operating in Tanzania since 2001.

I&M Bank (T) vision is to become a company where the best people want to work. the first choice where customers want to do business, and where shareholders are happy with their investment.

I&M Bank (T) Ltd.,
Maktaba Square, 
Maktaba Street,
Dar Es Salaam, Tanzania
Tel: +255 22 2127330-4
Fax: +255 22 2127336
Email: invest@imbank.co.tz