Tanzania’s largest bank offers tokenization
DAR ES SALAAM — After completing the improvements to the main operating system, CRDB Bank has provided an orientation seminar to its agents in Dar es Salaam in parallel with launching an innovative Tokenization service that allows a customer to send money to a non-CRDB Bank customer who will transfer it to a CRDB Bank agent using a special secret number (token) that will be used after receiving the money.
CRDB Bank CEO Abdulmajid Mussa Nsekela discusses the bank’s advances Oct. 16 during a session for investors at The Willard Hotel in Washington, D.C. during the World Bank semi-annual meetings.
Opening the seminar and launching the service, CRDB Bank Dar es Salaam Zone Manager, Muhumuliza Buberwa said agents are a popular platform for delivering services to citizens so it is important to build their capacity to improve the way they serve customers. Buberwa said CRDB Bank has more than 45,000 agents across the country who have successfully completed more than 200 million transactions worth more than 72 trillion shillings in the past year while providing the same services as a customer receives inside a bank branch. “Our CRDB Bank has found it very important to meet with agents after the recent improvements to the main system we have made. Through this seminar, our experts will receive your feedback and answer your questions. Business is done better when a service provider receives feedback from the people they serve,” said Buberwa. Buberwa has emphasized that CRDB Bank will always listen to its customers and improve services to meet their needs and expectations, which enables it to design new services and products that continue to be introduced every day. “Today we are launching the Tokenization service that allows customers to withdraw funds used from other banks or mobile networks. This service is a result of the success that CRDB Bank has achieved after the improvements it has made,” said the regional manager. Explaining how this new service benefits customers, CRDB Bank’s Head of Agency and Payment Services, Catherine Rutenge said that for a long time agents were only able to serve CRDB Bank customers but now the scope has been expanded. “Our agents are spread across the country. We know that many people own mobile phones. Now all of them will be able to be served if they are used for cash.”
Tokenization is a continuation of enabling CRDB Bank customers to send transactions to people who are not bank customers. Currently, customers who have spent money on their phones can withdraw it at a cash machine or inside the bank using the PIN they were given. In this continuation, Catherine said that the money that will be spent by the customer will not be included in the deductions of the debts he has as it does not enter and is included in the balance he has, but is entered to be released to the agent within 48 hours, that is, two days. “It is common for someone to say do not use this number because it is owed. We are aware of that, which is why we have taken it into account. In our Tokenization service, the recipient will give all his money as it was used. Let me use this opportunity to invite those who are not our customers to join CRDB Bank to enjoy this innovation that we continue to bring to the market every day,” emphasized Catherine. Speaking at the seminar, Flora Erasto, who is the general agent of CRDB Bank and the CEO of GAF, said that the ongoing improvements made enable them to activate a customer account, register a customer on Simbanking, open an account and access many other services. “These seminars provided help us a lot to face the challenges that arise when we serve our customers. Even if an employee leaves or in case of an emergency
