CRDB UPGRADES TEMBOCARD TO CREDIT CARD

Dar es Salaam. The CRDB Bank has upgraded its TemboCard into a credit facility that can be used to advance a loan of up to Sh50 million.

The bank introduced its TemboCard system 16 years ago.

The bank’s managing director, Dr Charles Kimei, said in Dar es Salaam on Wednesday that CRDB cooperated with MasterCard International to launch the credit card that will enable customers to borrow virtually hassle-free.

“This is truly Tanzania’s credit card. It attracts no interest for the first 30 days… Should the credit cross the grace period, it will start attracting an interest of five per cent from the 31st day from when the credit was taken,” Dr Kimei explained.

In fact, the bank has launched two types of credit cards: the ‘TemboCard World Rewards,’ and the TemboCard Gold Credit card. The former allows the holder to take a credit of up to Sh50 million, while credit on the latter has a ceiling of Sh30 million.

Customers are free to go for both types – depending on their financial position and needs.

One will be allowed to borrow depending on one’s ‘account behaviour.’ Only 30 per cent of the borrowed funds would be issued in cash, while the remaining 70 per cent will only be released through payments via Points of Sale (PoS) and online purchases.

According to Dr Kimei, the decision to come up with the credit cards was informed by the growing number of small and medium enterprises that conduct cross-border businesses in neighbouring countries.

“These are the people who frequently need emergency credit – and that is why we have decided to come out with this as a solution,” he said.