africa Banking Economy Finance sadc Tanzania

Tanzania: Banks Cautioned Against Bad Financial Transfers

The Minister of Finance and Planning, Dr Phillip Mpango, has cautioned local banks to be careful when handling all forms of digital money transactions especially involving overseas parties, because at the moment it is the most notorious racket that afflicts the global banking sector.

Minister Mpango issued the warning during the occasion to grace the 20th Anniversary of the CRDB Bank, which is one of the leading financial institutions in the country. He also advised local banks operating in Tanzania not to fall into the temptation of indulging in cases of money laundering.

The CRDB Bank has just marked its second decade of operation and ushering into its third decade with a planned launch of the bank’s new ‘M-Wallet,’ and ‘Digital Banking” services.

According to the Group’s Managing Director, Dr Charles Kimei, the bank will be entering its third decade of operation with a focus on bringing more diaspora under its wing; during the Arusha event.

Tanzania Minister of Finance and Planning, Dr Phillip Mpango
Tanzania Minister of Finance and Planning, Dr Phillip Mpango

A number of Tanzanians who live abroad will be attending the 20th Anniversary as well as oldest and founding members who stand to be awarded with token prizes of recognition,” he said.

“We cannot ignore the contribution of people in the diaspora in the country’s economy as we have experienced in neighbouring countries like Kenya, where money from citizens living and working abroad has significantly boosted the national coffers,” pointed out Dr Kimei.

He added that his institution has also established special India and China desks to cater for Tanzanians abroad as well as recruiting agents in other countries.

Being one of the leading Financial Service Providers in Tanzania, the CRDB bank with current cross-border presence in Burundi, is also working to expand onto the Democratic Republic of Congo.

The bank is also contemplating penetration into South-Sudan. The group’s deposits have currently hit the 4.2 trillion/- mark as of now, which is an increase of 25 per cent from 3.4 trillion/- inked in the previous fiscal year.

The Bank was established in 1996 and was listed on the Dar Es Salaam Stock Exchange (DSE) in June 2009. Over the years, CRDB Bank has grown to become the most innovative and preferred financial services partner in the region.

Supported by a robust portfolio and uniquely tailored products, CRDB Bank remains the most responsive bank in the region. CRDB Bank offers a comprehensive range of Corporate, Retail, Business, Treasury, Premier, and wholesale microfinance services through a network of over 120 branches, over 400 ATMs, 15 Depository ATMs, over 13 Mobile branches, 984 Point of Sales (POS) terminals.

Similarly, the bank has scores of Microfinance partners and institutions through which pertinent services are rendered to all customers. “We currently have 450 Microfinance partner institutions,” said Dr Kimei.

“CRDB Bank is the first to offer Agency Banking services in Tanzania at the beginning of 2013 and we now have over 1,500 Fahari- Huduma agents across the country,” he added.
Source: AllAfrica

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