Dar es Salaam. CRDB Bank has announced a new account that may trigger competition with telecommunication companies in the mobile money business.
Called SimAccount, the banking service allows an individual or group to open an account using mobile phone and conduct banking transactions like withdrawal through the bank’s agents called Fahari Huduma.
After dialing a special code (*150*62#), the user is directed to account opening procedures and later operate similar to other mobile money services and it does not require one to have an account before.
“SimAccount is a bank on mobile phone and one can self-open an account using any mobile phone service operators,” said CRDB Bank managing director Dr Charles Kimei.
He added that the main difference between SimAccount and other mobile phone money services is that the former for both an individual and a group like Saccos, Vicoba or family member.
“The group account is like a WhatsApp account and any one in the group can deposit and trace the transactions. They can see the withdrawals and even the transfer of money when issuing loans,” he added. The SimAccount was launched at the weekend by Vice President Samia Suluhu who said the platform centered on simplifying banking services that combined mobile money system with the banking services.
“The problem was opening a bank account as it goes through many procedures and hassle including visiting branches. With SimAccount now it will be easy for most people to open group accounts using mobile phones,” she said.
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