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CRDB woos diaspora in Europe to invest home

CRDB woos diaspora in Europe to invest home

CRDB Bank is on 20 days tour to Europe to increase diaspora awareness in investing home.

The CRDB release on Thursday from Italy said that some 30000 depositors have opened the lender’s special diaspora account—Tanzanite—since the service was introduced some eight years ago. They will also tour German, Belgium, France, UK, the Netherlands and Sweden.

CRDB Diaspora Banking Relationship Manager Ms Mercy Nkini said the Euro-diaspora tour was aimed at raising Tanzanians living abroad awareness, especially on mortgage investments.

"We thought it best to share with them investment opportunities at home by accessing loans using their Tanzanite account,” Ms Mercy said through a press release from Italy.

The investments, according to the lender, will not only benefit diaspora alone but also their relatives back home.

“So in addition to providing them with a Tanzanite account for saving  and conduct banking transactions abroad, we thought it best to share with them on investment opportunities at home as well,” she said.

According to Ministry of Foreign Affairs and East African Cooperation budget estimates for 2022/23, the value of diaspora remittances rose 42 per cent last year to 569.5 million US dollars from 400 million US dollars in 2020.

Globally, according to World Bank Egypt, Nigeria and Morocco are leading in diaspora remittance commanding 70 per cent of the total fund of some 86 billion US dollars to Africa.

The 20-day diaspora tour to Europe was jointly organised by CRDB in collaboration of CPS and Tanzania Diaspora Hub (TDH).

The CPS CEO Sebastian Dietzold said they saw the need to organise the tour that would allow CRDB to meet directly with Tanzanians living in European countries and entice them to own a home in various projects instead of advertising them online.

"This is the main reason why we organised this tour in partnership with TDH and CRDB which facilitates the purchase of these houses through its low interest loans,” Mr Dietzold said.

CRDB's Mortgage Manager Janerose Mwombela said the bank is well-positioned to enable diaspora to own homes by offering up to 1.0bn/- loan, which is payable up to 20 years with competitive interest rate on the market. The loans are offered in both shilling and US dollars.

Bank of Tanzania (BoT) data showed that at end of this year’s quarter one CRDB is commanding 38.57per cent of the mortgage market share. The outstanding mortgage debt increased to 503.74bn/- from 496.61bn/-.

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Author: DAILY NEWS Reporter

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