Providing virtual banking services through mobile phones.
CRDB Microfinance Services Company Ltd is a subsidiary of CRDB Bank Plc. It offers both wholesale and retail microfinance services; the former targets grassroots institutions that serve the low income micro-entrepreneurs and small farmers, especially in remote and rural areas of Tanzania; while the latter is the methodology that directly serves retail micro-entrepreneurs, smallholder farmers and informally employed. Furthermore, the company also offers advisory and ICT services to its clients.
‘SimAccount’ project is all about developing a virtual account through customers’ mobile phones – enabling relevant beneficiaries to access all financial services (savings avenue, credit, insurance, money transfer, payment systems, etc.) via their mobile phones. ‘SimAccount’ customers will be able to open bank accounts by themselves (self-service) through their mobile phones and start to transact without visiting any bank branch or outlet. ‘SimAccount’ will also provide an appropriate avenue for supporting individual and organization payments − and provision of interoperability for Mobile Network Operators (MNOs) beneficiaries. The SimAccount, which is now at its pilot testing phase through the company’s internal staff, will use a technology developed by ‘Eclectics’, based in Kenya – the technology has proved to work very well in the market, for instance, in Co-operative Bank of Kenya and KCB in Kenya. Therefore, our company is very confident in the system.