CRDB Bank’s Core Banking Upgrade: A Strategic Catalyst for Tanzania - Dubai Trade

When CRDB Bank Plc completed the migration to Temenos T24, this was more than just a technology upgrade; it was a game-changing move that cemented its role as a regional and global financial powerhouse. With branches in Burundi, the DRC, and a forthcoming branch in Dubai, CRDB is now poised to transform trade dynamics between Tanzania and one of the world’s top economic hubs.

Why the Upgrade Matters Financially

• Operational efficiency: Temenos T24 reduces transaction times, enhances mobile banking reliability, and fortifies transaction security.
• Cost savings: Fewer system failures and faster processing translate into lower operational costs and higher customer satisfaction.
• Global trust: Businesses in East Africa and Dubai will now regard CRDB as a modern, secure, and scalable financial partner ready for cross-border transactions of greater magnitude.

Tanzania - UAE Trade: Facts and Figures

Here’s how Tanzania and the UAE are economically connected:

Trade Volume Snapshot

• Tanzania exported approximately US $686 million worth of goods to the UAE in 2023.
• Imports from the UAE into Tanzania reached around US $1.42 billion in 2023.
• In 2022, non-oil trade exchange between Tanzania and the UAE hit US $2.5 billion, up 11% from the previous year.
• In that year, Tanzania ranked as the UAE’s fourth-largest non-Arab African trade partner, representing 7.2% of the UAE’s total non-oil exports.
• UAE imported about US $1.57 billion in goods from Tanzania in 2023, with precious stones, metals, and coins (such as gold) making up US $1.45 billion.

These figures show a healthy trade balance tilted toward the UAE but with massive potential upside for Tanzania.

What CRDB’s Dubai Presence Unlocks

Streamlined Trade Payments

Tanzanian exporters of high-value commodities like gold, gemstones, or agricultural produce can now receive faster, secure payments via CRDB’s directly managed Dubai channel bypassing slow, expensive intermediaries.

Financial Inclusion for SMEs

Small and mid-size Tanzanian businesses can access trade finance tools such as letters of credit and guarantees, essential for scaling exports and building international buyer trust.

Diaspora Remittances Made Easier

With many Tanzanians living in the UAE, CRDB’s Dubai branch offers a cost-effective, low-barrier gateway for remittances, ultimately boosting rural incomes and consumer spending back home.

Improved Import Processes for Businesses

Importers dealing in electronics, machinery, or refined petroleum from Dubai can now access tailored financing solutions with better turnaround times and transparency.

Strategic Entry into Global Trade Networks

Dubai is not just a market; it’s a re-export hub linking Asia, Europe, and Africa. CRDB presence there allows Tanzanian businesses to plug into these robust supply chains with ease.

A Roadmap for the Future

• CRDB’s upgrade to Temenos T24 isn’t just technical; it positions the bank as a global-standard institution capable of handling modern trade demands.
• For Tanzania, this move signals a new era of financial integration with global markets, starting with Dubai.
• With seamless payment infrastructure, easier access to trade finance, and stronger export channels, Tanzanian SMEs now have a wider platform to compete internationally.

In the words of CRDB Managing Director Abdulmajid Nsekela, the goal is nothing less than transforming CRDB into an international financial institution, a vision that now holds real promise for Tanzanian trade and economic transformation.