Tanzanite problems are derived from the following reasons.
1.Laws: Tanzania is different country and most of the banking decision pass through BOT approval, this complicate a lot of things example Using Tembocard abroad for customers is simple but what customers need to understand is that BOT is involved in insurance of all banks accounts. When Visa signed contract with CRDB few years ago BOT was on the table to make sure the security of accounts holders is protected. Visa agreed to insure visa logo on Tembocard and CRDB produce the so called TemboVisa with the condition that the card is going to last for one year only. BOT also is so concerned with Tembocard because they insure the card for any financial loss and litigations. This is not as complicated but the problem is that Tanzanite is the first product of its kind so BOT still think the product is risky, CRDB is still consider Tanzanite as a delta project, and Visa need more time to analyze credit of this bank. Due to the fact that laws regarding this cards changes time after time is inevitable for this cards to be delayed sometimes while waiting for decisions between this three different organizations.
2.Privacy: Its very important to protect customers privacy but privacy when customers are in different country and moving a lot is very costly. (a) Due to sensitivity of documents the process is to send documents to Agents and Agents need to approve the application and send them to Tanzania using DHL or FedEx, this process cost $50-$70 to one customer to CRDB. In short one customer may cost up to $150 with overhead costs. This process is very expensive especially for customers who are going through the process but not deposit any funds.(b)Customers are changing address a lot because of nature of lifestyle abroad, most people also change telephone numbers so the only reliable communication is email as strange as it sound is true. Let me give you an example if CRDB want to send you a card which option is better is it for them to send to address which may be old and misplace your card and increase cost or to email you and ask you for your current address before send that card. Email is not 100% privacy as we both know but what is the alternative, because even internet banking somebody may get password just as easy as email. The bottom line is at this moment email is the best alternative, and this is the email which you use in your application.
3.Internet Banking: Most people are not taking advantage of internet banking, since most people who use Tanzanite are saving and sending money more than spending money this tool is necessary. This tool enables you to access your account in real time, check your bank statement and even send message to Tanzanite account representative. This tool is free but to be honest the process is three weeks to a month to set up because the IT department is too slow but with time the process is going to be improved. The good thing about Internet banking is that the set up is only one time process.
Tanzanite is far from perfect but because is the first product of its kind is going to take time to grow and win approval of BOT and Visa. The questions we need to ask ourselves sometimes is that we have a lot of banks in Tanzania but what is their Tanzanite?. Is not easy as most people think because of litigations involved. As Tanzanians we should also think how are we going to improve it. I am going to take any idea you may have