Bank review: CRDB Bank—Everything you need to know
CRDB Bank PLC was established in 1996 as a result of the Tanzanian government's privatisation of state-owned firms. The bank is currently owned by a mix of individual, government, and private institutions.
CRDB Bank Plc is one of the biggest private banks in Tanzania. It provides banking products and services to individuals and businesses.
CRDB Bank owns three subsidiary companies: CRB Bank Plc Burundi, CRDB Microfinance and CRDB Insurance Brokers.
The bank also has over 234 branches, 535 ATMs, 15 mobile branches, 490 microfinance partner institutions, and 1,500 merchants.
This article covers the products and services offered by CRDB Bank.
History of CRDB Bank Tanzania
CRDB Bank PLC was established in 1996 as a result of the Tanzanian government's privatisation of state-owned firms. The bank is currently owned by a mix of individual, government, and private institutions.
CRDB Bank Tanzania has also expanded its network to Burundi. It listed its shares on the Dar Es Salaam Stock exchange (DSE) in June 2009 and it currently has more than 30,000 shareholders.
CRDB Bank was the first bank in Tanzania to be rated amongst the top ten stable and safe banks in Africa by Moody's Investors Services.
CRDB Bank is also one of the first banks to commence agency banking in Tanzania. The bank currently has more than 3286 agents in Tanzania
CRDB provides financial and non-financial support to organisations and communities as part of its corporate social responsibility initiatives. Its initiatives are focused on improving Tanzania’s education, health, and environment.
CRDB Bank also signed a $100 million agreement deal with African Development Bank and African Guarantee Fund in 2022 to help women SMEs access financial help.
Abdulmajid Mussa Nsekela is the bank’s Chief Executive Officer and Managing Director.
CRDB Bank’s products and services
CRDB Bank offers a wide range of products to individuals and businesses. Its products and services are categorised as:
CRDB Bank accounts
These are savings, current, and fixed deposit accounts for individuals and businesses. Some of CRDB Bank account products are:
Current account
CRDB current account is for businesses to easily handle their business transactions. The account can be opened in TZS, USD, EURO, or GBP and it can be used to apply for overdrafts.
A minimum amount of TZS 100,000 or 100 USD/GBP/Euro is required to open a CRDB current account.
Requirements for individuals
- You must be employed
- You must have an employee ID card
- You must present a letter of introduction from your employer
- Two passport photographs
- A referee with a CRDB bank account
Requirements for sole proprietors
- A business license
- A valid means of identification (voter's card, passport, or driving licence)
- An extract from the registrar of companies
- Two referees with a CRDB bank account
- Two passport photographs
Requirements for registered businesses/ associations/limited companies
- The original and photocopy of the business certificate of registration
- The business memorandum and articles of association
- The business licence
- A meeting minutes outlining the board of directors' resolution to open a CRDB bank account
- Letter of application
- The company's TIN number and VAT registration certificate
Savings account
This is an interest-earning savings account for individuals. The account can be used for daily transactions or to save towards a particular goal.
A minimum amount (determined by the bank) is required to open the account.
Salary account
This is a savings account for individuals that earn a monthly salary. The account can be opened by government or private institutions on behalf of their employees.
No amount is required to open the account. Salary account owners are also eligible for salary advance loans.
Requirements
- You must earn a monthly salary from a recognised and registered company, institution or organization
- Your employee identity card
- A letter of introduction from your employer
- Two passport photographs
Busara account
This is an interest-earning savings account for shareholders and companies listed on the Dar es Salaam stock exchange.
The account is used to receive and save dividends. It can only be opened and operated in TZS currency. A minimum amount (determined by the bank) is required to open the account.
Tanzanite account
This is an interest-earning bank account for Tanzanians in the diaspora. The account can be opened abroad and it can be operated in TZS, USD, EURO, and GBP.
A minimum amount of TZS 100,000 or 100 USD/EUR/GBP is required to open the account.
Requirements
- You must be a Tanzanian
- You must be at least 18 years old, living and working outside Tanzania
- A filled and signed account opening form
- Two passport photographs endorsed by the Tanzanian embassy
- Copies of the last two pages of your Tanzanian passport and VISA
- A copy of your resident or work permit
- Students can present a copy of their introduction/admission letter
Scholar account
This is an interest-earning bank account for students and it can only be opened with Tanzanian shillings.
There are no monthly fees charged to the account. A minimum amount of TZD 5,000 ($2.14) is required to open the account.
Requirements
- You must be a university or college student
- Your birth certificate
- Your school ID or form
- Your admission letter from the university or college
Other CRDB Bank account products are Junior jumbo account, Young money teens account, Call account, Fixed deposit account, Thamani account, Dhahabu account, Bidii current account, Niamoja account, and Malkia account.
You can open any CRDB bank account by visiting any CRDB Bank branch with the required documents.
CRDB Bank loans
These are bank loans offered to CRDB retail and small business customers. Some of the bank’s loan products and services are:
Personal loans
These are uncollateralized loans that can be used to pay for emergency or everyday expenses. CRDBs personal loans have a maximum repayment period of 7 years.
Requirements
- You must be a government or private sector employee
- Your monthly salary pay slip
- Your employment ID
You can apply for a personal loan by visiting any CRDB Bank branch near you.
Salary advance loan
This is an instant and uncollateralized loan for individuals that receive their monthly salary with CRDB Bank.
You can borrow up to TZS 1,000,000 ($428.91) with an interest rate of 5%. It has a maximum repayment period of 30 days.
Requirements
- You must be a government or private sector employee
- You must have a salary account with CRDB Bank
You can apply for a CRDB Bank salary advance loan through the bank app or by dialling *150*03#.
SME Bidii loan
This is a working capital loan product for small and medium businesses. There are two types of SME Bidii loans: working capital loans and investment loans.
The working capital loan is to help businesses meet their daily operational costs needs while the investment loan is to help businesses buy assets and machinery.
SME Bidii loan has a flexible repayment period and businesses can borrow up to TZS 1 million to 2 Billion ($429-$857,824).
Businesses can apply for an SME Bidii loan by visiting any CRDB Bank branch.
WAFI loans (Women Access to Finance Initiatives)
WAFI loans are for businesses owned and operated by women. WAFI loans have a competitive interest rate and businesses can borrow up to TZS 2 billion ($857,824). Non-traditional assets and securities can also be used as collateral.
Requirements
- The businesses must be owned or operated by a woman
- The business must be registered and licensed
- The business must have a minimum account turnover of TZS 5M ($2,144.56) and a maximum turnover of 2Bn ($857,824).
- The business must be at least a year old and its owner must show her personal bank statement
Other CRDB Bank’s loan products are boom advance loan, Jigenge loans, Jijenge CRDB & Suma JKT, and SME financing package.
CRDB Bank’s insurance products and services
These are insurance packages offered to individuals and businesses. CRDB’s insurance products fall into three broad categories: life insurance, business insurance, and health insurance.
- Kava assurance
- Life insurance
- Domestic package
- Fire insurance
- All risks insurance
- Personal accident
- Fidelity guarantee
- Motor policy
- Credit life assurance
- Money insurance
- Goods-in-transit insurance
- Marine insurance
CRDB Bank Tanzania customers can register for the bank’s insurance products by visiting any CRDB Bank branch.
CRDB premium banking
These are bank accounts, cards, loans, and other banking services tailored for CRDB high-net-worth customers.
CRDB Bank's premium customers enjoy the following benefits:
- Loyalty points
- Exclusive events and privileges at CRDBs clubs and centres
- Persona relationship managers
- Special debit and credit cards
- Extended banking hours
- Premium rates and interests, etc.
Corporate banking
CRDBs corporate banking solutions cover financial products and services offered to businesses and corporations of all sizes. Its corporate banking products and services are:
- Merchant solutions
- Business unit
- Trade finance
- Syndications
- Foreign desks (India and China)
- Custodial service
- Fx risk management
- Government securities
- Registrarship
- Treasury investment products (fixed and call accounts)
- Custodial and brokerage agency services
- Safekeeping account
CRDB Bank’s digital channels
These are CRDB Bank's e-banking solutions for its retail and corporate customers.
CRDB's mobile banking (Simbanking app and USSD code (*150*03#))
Simbanking is CRDB Bank's mobile app and USSD code (*150*03#).
With Simbanking, CRDB Bank customers can:
- Manage their bank account
- Manage their ATM cards
- Open a new CRDB Bank account
- Withdraw from any CRDB Bank ATM without your ATM card
- Transfer funds to any bank account
- Make bulk payments
- Pay bills
- Buy airtime
- Apply for salary advance
You can register for CRDB Bank’s mobile banking services (Simbanking) in three ways:
- By dialling *150*03# on your mobile number and following the prompts on your screen
- By downloading the app from the Playstore or Appstore and following the prompts on the screen
- By visiting any CRDB Bank ATM with your TemboCard (ATM card)
- By visiting any CRDB Bank branch near you
CRDB Bank cards
CRDB Bank has a suite of debit, credit and prepaid MasterCard and Visa ATM cards. These cards can be used at ATM Machines in and outside Tanzania.
CRDB Bank cards are:
- TemboCard Visa infinite
- TemboCard Visa gold
- TemboCard platinum Visa
- Platinum MasterCard
- TemboCard Visa
- TemboCard MasterCard
- TemboCard hospital card
- China UnionPay card
- TemboCard Fahari MasterCard
- TANAPA TemboCard
CRDB online banking
CRDB Bank's customers can access and manage their bank accounts with the bank’s internet portal.
With the internet banking portal, CRDB customers can:
- Manage their bank accounts
- Make bulk payments (up to 2000) to bank accounts and mobile money wallets
- Transfer funds to other accounts
- Make international payments and multi-currency transfers
- Pay bills
You can register for CRDB internet banking by visiting any CRDB Bank branch with your valid ID.
Diaspora customers can register by sending an email to info@crdbbank.com.
Registered customers can log into the CRDB internet portal here.
XPronet
XPronet is CRDB Bank’s internet banking solution for its business and corporate customers.
The portal is for companies, associations, parastatals, institutions, embassies, NGO’s and businesses to manage their financial transactions.
XPronet allows businesses to:
- Manage their bank accounts and payments
- Process bulk payments (up to 260,000) to Bank accounts and mobile money wallets
- Make international payments and multi-currency transfers
- Pay bills, taxes, and levies
- Transfer funds to different accounts
Businesses can register for XPronet by submitting a filled and signed application form to any CRDB bank branch. Registered customers can log into the XPronet portal here
CRDB Bank agents (CRDB Wakala)
These are mobile agents authorised by CRDB bank to carry out transactions on behalf of the bank.
CRDB’s Wakala agents allow you to:
- Request for your account statement
- Withdraw and deposit money into any bank account
- Pay bills
- Open a new CRDB bank account
- Apply for credit and debit cards
CRDB has over 20,000 Bank agents in Tanzania. You can find a Wakala agent near you here.
Frequently asked questions
What is CRDB Bank’s contact information
CRDB Bank headquarters address: Palm Beach, Upanga East, Ally Hassan Mwinyi Road in Dar es Salaam
Postal address: P.O. BOX 268, Dar es Salaam
Email address: info@crdbbank.com
You can find any CRDB bank branch here
What is CRDB Bank's customer care number?
You can speak to a CRDB Customer care representative by calling any of the following numbers:
- +255(0)222197700
- +255(0)714197700
- +255(0)755197700
- +255(0)789197700
What is CRDB Bank’s website?
You can visit the CRDB Bank website here
You can also visit its Facebook, Instagram, YouTube, and Twitter pages.
What is CRDB Bank’s SWIFT code?
CORUTZT1
What is CRDB Bank’s USSD code?
*150*003#
Conclusion
CRDB Bank Tanzania has a wide range of banking products and services for its retail and corporate customers.
Its mobile banking platforms are also reliable and easy to sign up for.
Although you have to visit a CRDB branch to register for the bank’s products and services, the website does a great job of explaining the bank’s product offerings.