Diamond Trust partners Xpressmoney remittance brand

TANZANIANS living in the Diaspora will be able to send and receive money through Xpressmoney transfer and deposited cash straight to their local bank accounts. Xpress Money, a dependable money transfer brand, has announced its entry into Tanzania by partnering with Diamond Trust Bank (T) Ltd (DTB), in a launch held recently in Dar es Salaam in a colorful ceremony attended mainly by the bank’s officials. Unlike the Western Union method, where a client has to go to its offices to receive the money, Xpressmoney will transfer the cash to Diamond Trust bank which would then deposit the cash in any bank account in the country, without an account holder having to obtain the cash at Diamond Trust Bank.  Sylvester Bahati , DTB’s Head of Product Development and Marketing, said that Xpress Money services will be available at its 16 branch offices across the country to ease money transfer at international level and quick money transaction including payments of school fees for students studying abroad. He said that tapping on the technology, Xpress Money transfer will cater for sending and receiving at the competitive transfer fees of Sh. 7,000 for outbound International transfer and Sh. 5,000 for transfers within East Africa.  Customers can visit Xpress Money agent locations and collect the cash within minutes, remitted from any of the 170,000 agent locations around the world. Xpress Money is a global money transfer brand with a thriving presence in about 150 countries in five continents across 170,000 agent locations, bringing home closer to millions of immigrants far from their countries. Sudhesh Giriyan, the Vice-President and Business Head of Xpress Money, noted in his speech that they have chosen to work with the DTB Bank in the country as they have associated with them on other East African countries. “Looking at the remittance potential of Tanzania, it was imperative that our next launch destination in Africa would be this,” he said, noting that by virtue of Tanzania being both a sending and receiving country, it offers an opportunity for innovative services at affordable transfer fees. Abdi  Samji,  the chairman of the Board of Directors of DTB, assured customers in the country of the bank’s commitment, underlining that the company will facilitate money transfer for the large expatriate community in Tanzania, simultaneously contributing significantly in increasing remittances from across the world to both Mainland Tanzania and Zanzibar having established strong relations in Kenya in the past five years where it has 44 branch offices, 27 in Uganda, four in Burundi and 16 branches in Tanzania. In Tanzania among the 16 branch offices, eight are located in Dar es Salaam for each municipality, while Arusha has two branches and one each for Mwanza, Tanga, Mbeya, Moshi, Dodoma and Zanzibar. The bank is planning to open new branches by end of this year in Iringa, Morogoro and Mtwara. DTB Bank is in affiliate of the Aga Khan Fund for Economic Development (AKFED), the economic development arm of the Aga Khan Development Network which has been operating in the country since 1947.