Banking Partners and Payment Schemes

Verto will issue accounts unique names via CRDB or Ecobank. Please contact your account manager for which of these will be enabled for the solution, based on the use case.

**It is important to note that within Tanzania, account numbers can include both letters and numbers for both banks **

Verto will issue dedicated accounts for sub-account users in our local partner's name for both banking partners.

Account Details - Provider 1 (CRDB):

• Account Name: - contact account manager
• SWIFT Code: CORUTZTZ
• Bank Name: CRDB Bank Plc

All funds arriving in the account are directly attributed to the customer's TZS wallet. Reconciliation of payments is automatic in Verto’s system.

It is important to note that CRDB issues account numbers that can include both letters and numbers

Payment schemes in Tanzania are as follows:

Account Details - Provider 2 (Ecobank):

• Account Name: - contact account manager
• SWIFT Code: ECOCTZTZ
• Bank Name: ECOBANK TANZANIA LIMITED
• Address: ECOBANK TANZANIA LIMITED, ACACIA BUILDING, 84 KINONDONI ROAD HANANASIF, MNAZI MMOJA, DAR ES SALAAM, Tanzania

Ecobank account numbers are numeric, no non-numbers are included.

All funds arriving in the account are directly attributed to the customer's TZS wallet. Reconciliation of payments is automatic in Verto’s system.

Payment schemes in Tanzania are as follows:

Sending Account Details and Bank Account Name Format

Details that should be displayed to the user after the account is linked:

• Account Name -
• Account Number - From wallet extract
• Bank Name - CRDB Bank Plc
• SWIFT Code - CORUTZTZ
• Address - CRDB Bank Headquarters, Dar es Salaam, Tanzania

Banking Message

Receive funds into this local account via EFT, TISS (RTGS), Book Transfer, or TIPS.

• EFT supports transactions below 20M TZS. Funds are cleared in batches throughout the day.
• TISS (RTGS) is used for transactions above 20M TZS. Payments are settled in real-time during working hours.
• Book Transfer allows for instant payments between CRDB Bank accounts.
• TIPS is an instant payment system for transactions below 20M TZS, including direct payments from mobile money providers.

Sending to a TZS Bank Account

RTGS (TISS)

Senders will need:

• SWIFT Code
• Account Number
• Account Name
• Bank Address

EFT

Payments sent via EFT can be up to 20M TZS per transaction. Senders will need:

• Bank Name
• Account Number

Funds sent via EFT are typically received within one working day, processed in batch windows.

Sending to a TZS Mobile Money Account

TIPS (Instant Payments)

Senders will need:

• Select TIPS
• Mobile Money Provider
• Phone Number or Account Number

Funds sent via TIPS are typically received in real-time.

Payment and Collections Processing

• Collections are processed in real-time once funds are received and risk screening is completed, depending on the scheme.
• Outbound payouts happen between 8 am and 2 PM EAT (Weekdays) / 5 am and 11 am GMT.

FX Operations

• FX Rates - 24/7 real-time rates
• FX Trade Booking - 24/7 availability
• FX Trade Settlement - Instant on working days (6 am to 6 pm GMT)

Payment Documentation

This is guided by the Bank of Tanzania Regulations.

• For large, frequent, or unusual transfers or payments of funds, appropriate documentation may be required to establish the identity of the sender/recipient and the nature of the transaction.
• Transactions above TZS 50M may require internal bank approvals and additional documentation.
• Documents may include invoices, contracts, agreements, or any other valid documentation proving the transaction’s legitimacy.
• Customers should avoid splitting transactions to bypass documentation requirements.

Payment Reversal

• RTGS (TISS): The banking partner can initiate a reversal upon instruction, but additional sender details may be required.
• EFT & TIPS: Reversals require customer assistance to provide sender details to facilitate the return.

Acronyms

• TIPS - Tanzania Instant Payments System
• EFT - Electronic Fund Transfer
• TISS (RTGS) - Real-Time Gross Settlement