Africa: Lockdown - Digital Banking Gaining Traction

Most businesses are looking for digital options to conduct their businesses and banks are no exception. Already the economy was tipping towards digitizing most all its activities but with the onslaught of the coronavirus, digitizing is no longer optional but a must.

Banks are now pushing for 100 percent digital migration of their customers seeking at least 90 percent of their services to be offered remotely. In Tanzania, CRDB Bank has announced that it is aiming to increase online and simbanking to 90 percent by the end of the year.

To achieve this goal, the bank has launched a campaign to mobilize online and mobile phone services for all their customers. The bank is now working to raise public awareness and increase use on online services rather than going with the traditional way of standing in line at the bank.

The press release quotes a high ranking bank official, the CRDB Chief Commercial Officer, Dr Joseph Witts saying; "Our goal is to see over 90 percent of banking transactions going through our digital system by the end of this year."

The bank, along with many other businesses, would now like to see increasingly more customers using digital platforms to perform their banking needs. Money transfers can be done remotely as well as payment for most all services including government fees and fines.

By performing banking transactions on the go, that is, via a mobile phone or other portable devices, then customers can save time and money. Instead of spending time standing in line at the bank most all transfers can be done remotely using alternative banking channels like ATMs and mobile devices.

Online services work around the clock at the comfort of your home, office, or on the go and the system is safe, reliable and convenient use. There are numerous digital options for the customer that allow access to ones account remotely and empoer the customer to perform all their banking needs digitally.

Some of the digital options include SimBanking, SimAccount and Internet Banking. Simiallry, there is the option of using alternative banking channels like CRDB Agents who are spread everywhere across the country and offer services including deposits and withdrawals.

ATMs are also available nationwide and the CRDB Visa and Mastercards also work at all Points of Service (PoS) in shopping malls and other shopping centers.

Increasingly, more and businesses are choosing digital payment and trading options to reach their customers. In Tanzania, mobile phone penetration is at an all time high and with it is access to mobile money transfers and e-wallets.

The government has also incorporated almost all its agencies through these digital platforms allowing for the payment of all services via mobile e-wallets. One can pay for water and electricity bills on the phone, pay for traffic fines and even pay for taxes.

With this broad digital network, the country is poised to better respond to the ongoing coronavirus threat. Using digital platforms reduces the need for physical contact hence protecting the users from each other while allowing all services to continue.

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