WorldRemit, CRDB Bank Plc Partnership eases money transfers

○ Tanzanian account holders can now safely receive money from all over the world through WorldRemit and CRDB Bank link up.

○ This partnership makes it possible to send money to CRDB Bank accounts and its network of 260 locations.
○ WorldRemit now offers the Tanzanian diaspora community 288 cash pick centres.

Dar es Salaam, Tanzania, – 7 December 2021 – Leading financial services provider in Tanzania, CRDB Bank Plc, and digital payments company, WorldRemit, today announced a partnership that makes it easier for Tanzanians to process international online money transfers. This new service will allow Tanzanian diaspora from over 50 countries worldwide to send remittances to a network of over 260 CRDB Bank branches.

This milestone partnership allows Tanzanian diaspora to effortlessly send money back home and provides their friends and families the ability to receive and withdraw the funds through CRDB Bank.

According to the Bank of Tanzania, Tanzanians across the world remitted an estimated $189.13m in 2020. The Minister for Foreign Affairs and East African Cooperation, Liberata Mulamula, highlighted the important role Tanzanian diaspora plays in the local economy when discussing the 2021/2022 national budget.

With this partnership, WorldRemit continues its expansion into worldwide markets in its quest to make international money transfers accessible and affordable. It will help facilitate payments from the Tanzanian diaspora, who help contribute to the country’s growing economy. The company’s cash pick-up network of 28 has now grown to a total of 288 with this CRDB Bank agreement.

Together, WorldRemit and CRDB Bank are improving financial inclusiveness and helping support economic growth by making it easier and quicker for Tanzanian diaspora to send their remittances back home. Real-time-transaction processing prevents delays ensuring families and loved ones receive money quickly. WorldRemit has previously reported that these international remittances by overseas customers make it possible for approximately 10,000 children in Tanzania to attend school and afford school supplies.

The partnership between WorldRemit and CRDB Bank went live on 16th November 2021, making international money transfers over the busy holiday shopping season quicker and easier. This means Tanzanians abroad will not have to worry about getting their remittances through to their families and friends in time for Christmas.

Boma Raballa, the Director of Retail Banking, expressed how pleased his Bank is with the WorldRemit partnership. “With so many Tanzanian nationals working abroad, we’re committed to making money transfers convenient and as stress-free as possible. The service is fast and comes with low money transfer fees.

Currently customers can transact at any of our 260 branches and soon to over 20,000 of our CRDB Wakala (Agent) in Tanzania.”

The Tanzanian Country Director & Head of East Africa for WorldRemit, Cynthia Ponera, pinned this agreement as a milestone partnership that streamlines transacting processes between online money transfers and customer services. She highlighted that “Financial inclusion is at the heart of this partnership. CRDB Bank’s wide network of branches will provide access to Tanzanians across the country, allowing them to withdraw international transfers conveniently through WorldRemit, as well as providing diaspora in over 50 countries access to these services”.

Sharon Kinyanjui (EMEA Director, Receive), added: “Tanzania is WorldRemit’s third-largest receive market in East Africa after Kenya and Uganda. This agreement allows Tanzanian nationals to easily and instantly send and receive money, making financial processes for them and their families as smooth as possible”.
WorldRemit values the safety and security of its account holders’ funds and uses industry-leading technology to safeguard international money against cyber fraud and theft.
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