CRDB unveils Wakala App to reach more unbanked population

CRDB Bank has completed a process that will enable over 25,000 agents to open customers’ accounts, an initiative that will enable more unbanked population get access to banking services.

The Minister for Information, Communication and Information Technology, Mr Nape Nnauye said on Wednesday when launching the Wakala App that financial institutions have a large contribution to the country’s economic development and hence the government insists on financial inclusion.

“The government here has been taking various policy measures to promote financial inclusion,” he said.

Despite these efforts, Minister Nnauye said that the number of those using banking services is still small.

“The main reasons for many to be out of the financial system are the limited access to banking services through branches in rural areas and the high costs of accessing financial services, including the need to travel long distances to banks’ branches, mostly allocated in towns and cities,” he added.

CRDB Wakala App is a new modern, safe and digital system that is used on smart phones to provide banking services thus increasing efficiency, speed of service delivery and reducing operating costs for service providers especially for agents.

CRDB CEO and Managing Director, Mr Abdulmajid Nsekela said the Wakala App  is a continuation of CRDB’s efforts in recognising the importance of digital services in bringing the effectiveness of integrated financial services and development in general.

“Through this service we believe we will reach Tanzanians living in rural and marginal areas to ensure that these groups are not left behind,” said Mr Nsekela.

CRDB has more than 25,000 agents, equal to 46 per cent of all 55,000 agents of banks in the country. The agents are conducting more than 100 million transactions worth 50tri/-per year, out of which 1.3tri/- are government revenues.