Dar es Salaam — CRDB Bank Plc is China Union Pay's best issuer in Africa. China Union Pay is China's payments service for secured transactions.
The system allows payments through a network of ATMs, Point of Sell terminals and online shopping at any merchant who accepts Union Pay worldwide.
The China Union Pay International chief executive officer, Mr Cai Jianbo, presented the award to CRDB Bank chief executive officer Abdulmajid Nsekela in Dar es Salaam yesterday.
Acknowledging the recognition in Dar es Salaam, Mr Nsekela said the bank was aggressively pursuing unique business opportunities presented by technological solutions such as China Union Pay.
"We are committed to offering reliable solutions to our customers using our TemboCard-China Union Pay Cards to empower Tanzanians doing business in China," Mr Nsekela said.
He said the bank plans to increase the limits available to Tanzanian traders withdrawing money from the China Union Pay platform, saying the current limits have proven to be a challenge.
According to Mr Jainbo, CRDB Bank has been good at leveraging the bilateral ties to facilitate trade and empower businesses.
China Union Pay is the largest card issuance Company in the world with more than 3.5 billion subscribers.
China Union Pay services are available at over 23 million businesses and 1.64 million ATMs in 168 other countries and regions.
In 2013, the company collaborated with CRDB Bank to offer the first co-branded payment debit card dubbed "TemboCard-China Union Pay."
CRDB Bank also has a special business channel known as "China desk" that is specifically designed to facilitate banking transactions between Tanzania and China.