CRDB Bank had to find the most innovative way to provide banking services to the unbanked population of Tanzania taking into account the following challenges:
CRDB Bank, an established CR2 customer using our solutions to power their ATM, POS and card management channels, decided to further utilise POS capabilities from CR2’s self-service banking platform – BankWorld.
They wanted to support a fully functioning agency banking network in addition to the use of GPRS and Ethernet technologies. Named in Swahili as ‘fahariHuduma’, the agency banking business model comprises of a network of agents contracted by a bank throughout Tanzania to administer a set of selected banking services in areas where the bank is not already present, on their behalf. Agents are compensated on a per transaction/ commission basis.
On the customer side, upon verification of a manual application form, they are enrolled and issued with a TemboCARD (a pre-paid VISA/MasterCard) and starter pack. Upon receiving this card, the customer is then able to set their customised PIN and can immediately deposit cash and undertake transactions.
From the bank’s perspective, POS is an effective way to serve customers where internet connectivity is limited and/or branches are not widespread. Furthermore, it remains a secure means to transact due to PIN protection. Transactions Available via CRDB Bank Agency Banking Network:
CRDB Bank has reported that their BankWorld-powered agency banking scheme has been met with strong adoption and growth rates thus far which has directly impacted the Bank’s success via:
On the operational side, the bank has the ability to manage and view their entire client relationship through CR2’s integrated platform enabling both strong customer service and consistency of offering across their distribution network.
Looking ahead, other innovative CR2 services that are being explored to complement CRDB Bank’s existing solution include;