CRDB Bank Plc named Tanzania's Best Bank for the fourth time in a row

By: | Blog | July 15, 2024 06:05

Washington DC, USA 15 October 2022 - In a fit unmatched by other banks in Tanzania, CRDB Bank has been recognized as Tanzania's Best Bank for the fourth year in a row, underscoring the Bank's leadership and standing in the financial sector. CRDB Bank's latest Tanzania's best bank accolade comes from the New York-based financial publication Global Finance. The award was presented during the gala dinner held at the National Press Club, which was attended by over 900 financial sector leaders from around the world. This recognition reflects the Bank's sustainable growth, which benefits customers, investors, and the country's economy. The award is also entrenched in the Bank's digital transformation strategy, which has resulted in cutting-edge digital offerings critical to driving the country's financial inclusion agenda. "We are honored to be recognized as Tanzania's Best Bank by Global Finance once again. This is a recognition that we are on the right path to providing a differentiated experience to our customers and creating value for our shareholders while transforming the country's financial sector," said Abdulmajid Nsekela, CRDB Bank Group CEO. For the past four years, CRDB Bank has been revamping its service delivery processes and procedure to provide customers with world-class services on retail and wholesale business fronts, expanded its product base, and strengthened its footprint by investing in digital channels. Nsekela dedicated the Global Finance award to the Bank's esteemed customers, shareholders, and investors supporting the Bank's business. CRDB Bank is currently the largest Bank in Tanzania, with over TZS 10 trillion in assets. The Bank is also leading in customer deposits (i.e., TZS 7 Trillion) and loans advance (i.e., TZS 6 Trillion). The Awards' judging panel has specifically selected CRDB Bank for its continued success across all key business metrics. "Over the past year, we have witnessed CRDB Bank make significant improvements in service delivery, particularly digital banking services," said Joseph Giarraputo, Founder and Editorial Director of Global Finance. Giarraputo also mentioned that the award recognizes a commendable job done by CRDB in assisting the business and SME sectors in surviving, recovering, and thriving in the face of COVID-19 challenges. "All of these efforts have continued to strengthen this bank, resulting in a strong performance," he added. The lender's profit for the previous fiscal year stood at TZS 268.2 billion, representing a notable 62.3% increase compared to TZS 165.2 billion recorded in 2020. The Bank made a profit of TZS 174 billion in the first half of the year, compared to TZS 88 billion in the same period last year. Nsekela attributed the solid performance to the country's favorable business environment. He expressed gratitude to the fifth government, under President Samia Suluhu Hassan, for its ongoing efforts to improve the business and investment environment. This is CRDB Bank's second 'Best Bank in Tanzania' award this year, following a similar award from the prestigious UK financial and economic magazine Euromoney in July.

About CRDB Bank Plc CRDB Bank Plc is one of the East Africa’s leading banks, serving individuals, micro, small & middle businesses and large corporations with a full range of Retail, Treasury, Insurance, Trade Finance, Syndications, Premier Banking, Agriculture and Microfinance services.

CRDB Bank is the first bank in Tanzania to be rated amongst the top ten stable and safer to invest African banks by the world’s most respected rating agency, Moodys Investors Services. Moodys rated CRDB Bank with a “B1 stable outlook” which is the highest rating to have been acquired by banks or financial institutions in Sub Saharan Africa. UN Green Climate Fund accredits CRDB Bank since November 2019 and Global Finance recognizes it as the Best Bank in Tanzania for the year 2020.

CRDB Bank provides unmatched convenience in Tanzania and Burundi serving more than 4 million customers with a large footprint of 268 branches, 22,000 CRDB Wakala, over 550 ATMs, over 1,800 merchants and a 24/7 Call Centre.

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