In 2026, CRDB Bank will celebrate three decades of operations in Tanzania, having originated from the cooperative movement in the late 1960s, shortly after Tanzania’s liberation from colonial rule and during the formative years of economic liberalization.
At the heart of CRDB’s evolution — from a cooperative rural development bank to a dynamic financial services provider — is the bank’s innate desire to transform lives. CRDB Bank has been vocal about its purpose to improve livelihoods and deliver sustainable impact. “Our vision is to transform lives and develop economies to their fullest potential,” explains Group CEO Abdulmajid Nsekela, who has led the bank since late 2018.
“We see ourselves as agents of change and have committed to investing our resources in developing disruptive solutions to unlock socio-economic value for our stakeholders,” Nsekela adds.
Aspiration to foster Innovation and Financial Inclusion in East Africa
Leveraging digital innovation, the bank is expanding its customer base through mobile banking and web-based applications, with a special focus on underserved segments, including women and youth. “Women play a crucial role in the economic transformation of many countries, yet they often lack access to finance,” Nsekela says.
Loading...
Through initiatives like the Women Entrepreneurs Finance Initiative, the bank is helping women-led SMEs in Tanzania and Burundi access financing. “We also offer women-specific products, such as the Malkia account, tailored to the needs of modern women with consistent incomes,” explains Nsekela.
“Our strategic pillars focus on solidifying our market position, driving business growth, ensuring sustainability, and laying strong foundations for future growth,” explains Leo Ndimbo, CRDB’s Director of Business Transformation.
Financing Key Infrastructure Projects
As Tanzania progresses with infrastructure development, CRDB Bank has played an integral role, participating in nearly all major infrastructure projects, including the Standard Gauge Railway (SGR), the Nyerere Hydropower Project, and the expansion of Julius Nyerere International Airport (JNIA). Nsekela emphasizes this as a demonstration of CRDB’s commitment to economic transformation in its markets.
Deepening Access Through Robust Distribution
A major factor behind CRDB’s financial success over the past five years has been its strong market presence. During this period, the bank has heavily invested in enhancing its distribution, focusing on alternative banking channels.
The SimBanking platform has significantly reshaped how customers interact with the bank, facilitating an average of 70 million transactions every month. As of June 2024, 1.46 million accounts transacted on the platform, moving over TZS5.98 trillion ($2.22 billion), which reflects high utilization among retail customers. Additionally, through partnerships with mobile money platforms, the bank was able to extend micro credit to over 11 million Tanzanians as of June 2024.
Leveraging Technology to Drive Growth
A critical aspect of CRDB Bank’s digital transformation has been the digitization of customer journeys. The bank has adopted a robust Know Your Customer (KYC) framework that allows customers to open accounts via mobile phones. “We have seen a tremendous growth in customer numbers because of this and this fits perfectly into our long-term growth strategy,” says Ndimbo.
This innovation is particularly beneficial for Tanzania’s young, tech-savvy population, who demand quick and easy access to financial services.
Strategic Focus on Regional Expansion
As part of its medium-term strategy, CRDB Bank is not only deepening its presence within Tanzania but also expanding its reach across East Africa. The bank currently operates in Burundi and the Democratic Republic of the Congo (DRC), with plans to tap into new markets and diversify its revenue streams, ensuring sustained growth and resilience.
CRDB Bank’s regional expansion is designed to enhance cross-border trade and financial integration within the East African Community (EAC), thereby supporting regional economic growth and stability. The bank believes that facilitating easier and more secure cross-border financial transactions will strengthen economic ties between Tanzania and its neighbours, unlocking opportunities for shared prosperity across the region.
Loading...