You can now withdraw cash from local banks or make payments using American Express Cards anywhere across Tanzania.
Experts, Tourists and other visitors coming to Tanzania need not worry about undertaking time-consuming foreign currency exchange before spending their money in the country.
Tanzania’s leading financial institution, the CRDB Bank, has just entered into a mutual contract known as ‘Network Participation Network,’ with American Express Company.
This will enable Amex cards to draw money from automated teller machines across the country, swap to make payments in hotels, curio shops, airfares and all other local outlets with points of sales machines.
The Deputy Chairperson of CRDB Bank’s Board of Directors, Prof Neema Mori said the financial institution has branches in practically every ward of each district in all regions of Tanzania, including the remotest parts of the country, which means travellers need not worry.
“Furthermore the CRDB Bank has already ventured into neighbouring countries like Burundi and the Democratic Republic of Congo, which means American Express Cards holders are well covered wherever they happen to be in East Africa.
“Under this arrangement, the government will also benefit in realizing more foreign currency,” maintained Prof Mori.
This is the first time a Tanzanian Bank links with the American Express for seamless transaction
American Express Company is a bank holding company and multinational financial services corporation that specializes in payment cards, with headquarters at its own tower located in the Battery Park City neighbourhood of Lower Manhattan.
There are more than 133.3 million American Express cards being used worldwide. These are primarily categorized in the order of Green, Gold, Platinum and Black (Centurion), with an upper rank indicating a higher priority level.
Amex, which also owns a direct bank, is the fourth largest card network globally based on purchase volume, behind China UnionPay, Visa, and Mastercard.
American Express handles an average of 1.5 trillion in purchase volume on its network annually.
The entity is on the list of largest banks in the United States, ranking at number 28 on the Forbes list of most valuable brands. The company is also slotted at number 77 on the Fortune 500.
“I am so pleased to be working with CRDB and even more excited with the business opportunity that this cooperation brings,” stated Briana Wilsey, the Vice President and General Manager of Global Network Services EMEA at American Express.
“We’re committed to significantly expanding the number of places that accept American Express around the world. So far we are in more than 90 countries.
The agreement with CRDB Bank enables greater payment choice for our international Card members visiting Tanzania.
It will also generate more opportunities and business for merchants acquired by CRDB Bank in Tanzania,” she concluded.
The CRDB Bank provides extensive services in Tanzania and Burundi, serving more than 3 million customers with a large footprint of 268 branches, 25,000 CRDB Wakala, over 550 Automated Teller Machines (ATMs), over 1,500 merchants and a 24/7 Call Centre.
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