CRDB bank adopts Chinese credit cards

CRDB Bank is effective this month accepting China Union Pay’s cards, a move seeking to increase trade between Dar es Salaam and Beijing.

This means that holders of China UnionPay cards can now access bank services through CRDB’s Automated Teller Machines and Point of Sales. 

The card, the largest in terms of customers in Far East, is issued by Chinese Bankcard Association.

Prime Minister Mizengo Pinda, officiating at the service launch in Dar es Salaam on Tuesday evening, lauded CRDB’s innovation, saying that the population was poised to benefit from greater financial inclusion.

“An edge in product innovation and provision of alternative banking channels to people will be the key differentiating factors, “the Premier said. 

Speaking during the launch, CRDB’s Managing Director Charles Kimei said the listed bank starts accepting China UnionPay debit cards this month to all of its outlets in Tanzania and Burundi.

“We want to make trading with Beijing easy and more effective…Tanzania can benefit from the industrial prowess and expertise that China has to offer,” he said, adding that China UnionPay Service will add value to the bank’s China Desk set up earlier this year to facilitate trade between the two countries.

Trade relations between the two countries continue to blossom, with data showing that by late 2010, there were over 300 Chinese companies registered in Tanzania, with total registered capital of 468 million US dollars.

Already, CRDB bank offers both Visa and MasterCard services through its TemboCard debit and credit cards which have seen greater adoption over the past few years. 

The second phase of adoption of the service will see the bank issuing China UnionPay-enabled cards similar to TemboCardVisa and TembocardMasterCard.

China UnionPay International President Mr Xu Luode, speaking at the ceremony, said the service will go a long way in creating better business relationships and further accentuate the Chinese trade relations with Africa in the coming years. 

“China is a friend of Africa and launching this service in Tanzania is a clear testimony that China and Africa have a bright future together,” Mr Luode said.

It is documented that in 2011, the total trade volume between China and Tanzania stood at over 2.15 billion US dollars, of which China`s export was 1.66billion US dollars and imports 488million US dollars—with economic pundits saying the numbers are likely to double in the next few years.
Source: Daily News, reported from Dar es Salaam, Tanzania
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