Tanzania: Crdb Launches Forex ATM Service

CRDB Bank has launched a foreign currency exchange ATM at its Meru Branch in Arusha. The introduction of a forex exchange machine at the nation's tourism hub is meant to facilitate currency exchange at customer's convenient time and is hassle-free.

Arusha Regional Commissioner Idd Kimanta said the presence of the service would help stimulate tourism and business activities in general in the region. "I would like to congratulate you on this innovation that you have come up with since it will enable customers to access the 24- hour exchange service through this machine," said Mr Kimanta,

while expressing satisfaction with using a currency converter. The RC urged Arusha residents to utilise the opportunity to exchange money through the lender currency exchange machine, while urging them to abandon the practice of exchanging unofficial funds.

CRDB Chief Operating Officer Bruce Mwile said the aim of introducing the modern foreign exchange machine service was to enable customers and non-bankers to convert foreign currency easily and quickly. "Our goal is to ensure customers receive quality and timely services and this is achieved by investing in the right technology that facilitates access to services such as this foreign exchange machine," Mr Bruce said.

Mr Mwile said to the use of forex ATM service, a customer must visit the machine with a passport, select a currency exchange service and then follow instructions that will enable him or her to exchange money. "In the beginning a customer can exchange three currencies, including the US dollar, the British pound (GBP) and the European currency (Euro), but we expect to add more money in the near future," he said.

It is also in process to use the national identity card (NIDA) as a substitute for a passport to access the service. "We know that many Tanzanians still do not have a passport, NIDA ID will be very helpful for Tanzanians to get services," Mr Bruce said.

Bank of Tanzania (BoT) Director of Financial Sector Management Jerry Sabi said the machine would help ensure customers exchange currencies in a safer and more secure environment. Mr Sabi told the bank to continue installing these currency exchange machines nationwide, especially in strategic areas such as airports, ports, borders and commercial areas to meet market needs. "I urge other banks to invest in this technology and we at BoT will continue creating an enabling environment," Mr Sabi said.

The BoT representative also commended the bank for the way it has been investing in customer service infrastructure, especially CRDB agencies that have spread across the country, thus facilitating customers' access to bank services. "We have heard from the chief operating officer that there are now more than 17,000 CRDB agents. Let me ask you to take this speed with you in these foreign exchange machines," added Mr Sabi.

More From: Daily News

Don't Miss

AllAfrica publishes around 700 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.