In its effort to tap Tanzania’s unbanked potential, CRDB Bank, Tanzania’s largest commercial bank is now offering financial services through intermediary agents like stores and gas stations that will reach out to new customers in various regions of the country.
Boosting East Africa’s second largest economy is the aim as financial institutions in Tanzania upgrade their services and products to cater to a demanding rise of a middle-income society yet the focus is also on financial inclusion and reaching out to an unbanked population that holds the key to vast potential for Tanzania’s financial economy.
With a population of 46 million people, a mere 12% have access to banking facilities largely due to infrastructure issues, low financial literacy and poverty which leaves a large untapped market for Tanzania’s competitive banking sector.
CRDB Bank Managing Director Charles Kimei said “Lack of extensive bank networks have denied many Tanzanians the valuable financial services provided by banks and hence slowed our development as a country”.
CRDB unveiled details of the services which will accommodate withdrawals, deposits and payments of bills and loans as well as create further ease of access to banking for new customers by an agreement with Tanzania Postal Corporation to allow CRDB Customers banking services through the post offices across the country.