CRDB Bank Plc has taken a pioneering step in shaping Tanzania's cashless payment landscape with the introduction of a cutting-edge digital payment model. Aimed at playing a pivotal role in advancing the country's cashless payment systems, the bank has seamlessly integrated its payment number, known as "Lipa Namba," with the domestic payment code TANQR.
This groundbreaking initiative ensures that CRDB Bank customers, irrespective of their network provider, can effortlessly conduct payments for goods and services from any merchant. The launch of CRDB's Lipa Namba in Dar es Salaam was attended by industry leaders and key stakeholders, signaling the bank's commitment to spearheading the evolution of Tanzania's financial ecosystem.
During the launch event, Mr. Mutashobya Mushumbusi, a project manager at the Bank of Tanzania (BoT), underscored the government's dedication to keeping abreast of the rapidly evolving financial services landscape. He emphasized the crucial role of effective policies and robust infrastructure in driving financial inclusion, asserting that integrated financial services significantly contribute to the development of individuals, businesses, and the national economy.
"Our government, through the BoT, is implementing effective policies and infrastructure to promote financial inclusion in the country. This, in turn, will contribute to the development of individuals, businesses, and the nation's economy as a whole," stated Mr. Mushumbusi.
Highlighting the transformative impact of technology on financial services, Mr. Mushumbusi revealed that the Central Bank has conducted a comprehensive evaluation and redesign of management methods. The primary objective is to enhance efficiency, transparency, and create an environment conducive to innovation in products and services, ensuring Tanzania maintains its leadership position in the digital revolution.
Mr. Boma Raballa, the Chief Commercial Officer of CRDB Bank, commended the government's proactive initiative, emphasizing that innovation is the cornerstone of the financial institution's services. He expressed pride in CRDB Bank's history of introducing innovative services, such as TemboCard, SimBanking, SimAccount, internet banking, CRDB Agency, and payment through QR Code.
"We were the first in the country to design and market these digital services, and currently, over 90 percent of our customers' transactions are conducted through these digital systems," noted Mr. Raballa. He highlighted that the recent enhancements introduced will enable customers, including international tourists, to effortlessly make payments through the user-friendly Lipa Namba and password system, ultimately boosting transactions for merchants.
In conclusion, CRDB Bank's latest digital payment model not only marks a significant leap towards a cashless society in Tanzania but also reinforces the bank's commitment to fostering financial innovation for the benefit of its customers and the nation's economic development.
