CRDB upgrade puts Dar on global arena

DAR ES SALAAM: CRDB Bank’s landmark core banking system upgrade has thrust Tanzania onto the global financial map, opening new international opportunities for the lender.

These opportunities not only elevate the country’s profile in global finance but also help CRDB secure funding for government strategic projects such as roads, infrastructure and other key developments.

CRDB Bank Foundation Managing Director, Ms Tully Esther Mwambapa said the upgrade has already attracted global recognition, enabling the bank to sign a 320 million US dollars Memorandum of Understanding with the US Development Finance Corporation (DFC).

“We have not incurred any losses because of the upgrade; instead, we have gained more. This is evident from our third-quarter financial results, which are very pleasing.

“The system has created new opportunities as global banks recognise us for using similar standards,” Ms Mwambapa said on Thursday.

She added that CRDB was the only African bank invited to present its experience at the US-Africa Business Forum, held on the sidelines of the United Nations General Assembly (UNGA) in New York. The bank said yesterday that the migration from its older system to the new T24 platform has reached 99 per cent completion, after successfully resolving nearly all challenges encountered during the process.

The achievement positions CRDB among global financial institutions adopting world-class technology to boost efficiency and strengthen partnerships. Developed by Swiss firm Temenos, the T24 system is one of the most widely adopted core banking platforms in the world, powering more than 950 banks across 150 countries.

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The system is known for its flexibility, scalability and ability to integrate digital banking, mobile platforms and cross-border transactions.

According to a ‘Daily News’ spot survey on the internet, several major banks in East Africa have also adopted T24, including Kenya’s KCB Bank, Stanbic Bank Kenya, Crane Bank in Uganda, and Bank of Kigali in Rwanda.

CRDB now joins this group, becoming the first in Tanzania to fully implement the system out of 42 banks. By adopting T24, CRDB has enhanced operational efficiency, reduced service downtime, strengthened compliance with international banking standards and improved customer experience with faster and more innovative solutions.

“On top of that, the system brings trust, which will propel us to reach more global business, build syndicates and most importantly create employment for local experts,” said Ms Mwambapa.

She added that the bank has also recently signed a partnership with Huawei of China to enhance digital cooperation. The Bank of Tanzania and the Ministry of Finance oversaw the upgrade process to ensure smooth implementation, given CRDB’s strategic importance to the national economy.

On the monetary investment in the system, Ms Mwambapa explained that costs are continuous, just as they have been over the past 30 years with various physical and non-physical investments made by the bank.

“The exact cost is not the issue here; what matters most are the seamless benefits the system delivers to our clients,” she said.

The bank said the system is also crucial for its regional footprint, supporting seamless service delivery across Burundi, the Democratic Republic of Congo and the United Arab Emirates. The bank is also exploring opportunities to extend its footprint to Japan and China.