CRDB Bank and Sanlam East Africa Forge Strategic Alliance

Monday, 31st March 2024

By inAfrika Reporter

Dar es Salaam, Tanzania – In a bold step to accelerate financial inclusion and deepen capital markets participation, CRDB Bank Plc has joined forces with Sanlam Investments East Africa Limited (SIEAL) to extend access to the Sanlam Pesa Money Market Fund across Tanzania.

The strategic partnership, officially launched in Dar es Salaam, is designed to simplify investment processes and democratize wealth creation by leveraging CRDB Bank’s wide branch network, over 25,000 CRDB Wakala agents, and digital banking platforms such as SimBanking. Tanzanians can now invest with as little as TZS 10,000, marking a major milestone in bridging the gap between traditional banking and modern asset management.

At the heart of this initiative is a shared ambition: to empower Tanzanians—regardless of location or financial status—to grow their savings securely and efficiently through a regulated, low-risk investment vehicle. “This partnership signifies more than market expansion—it’s about making investment accessible to everyone,” said Jonathan Stichbury, Chief Executive Officer of Sanlam Investments East Africa.
“Through CRDB Bank’s extensive reach and digital infrastructure, we are opening the door to capital preservation, competitive returns, and high liquidity for millions of potential investors.”

Under the agreement, CRDB Bank becomes the exclusive collection and distribution partner for the Sanlam Pesa Money Market Fund in Tanzania. Investors can seamlessly open accounts and manage their portfolios via physical and digital channels, making the fund easily accessible to both urban professionals and rural entrepreneurs.

Fredrick Nshekanabo, Acting CEO of CRDB Bank, emphasized that the collaboration aligns with CRDB’s broader commitment to delivering smart financial solutions that promote economic resilience and prosperity. “Our mission has always been to innovate around the needs of Tanzanians,” he noted. “With this partnership, we are not just facilitating investments—we are enabling dreams, unlocking potential, and contributing to a stronger, more inclusive financial system.”

The initiative dovetails with the Government of Tanzania’s National Financial Inclusion Framework (2023–2028), which aims to enhance the availability and quality of financial services across the country. With financial inclusion now exceeding 89 percent among the adult population, the focus is shifting toward deepening usage and introducing sophisticated yet accessible financial products.

The partnership has been welcomed by the Capital Markets and Securities Authority (CMSA), the country’s financial regulatory body. Charles Shirima, CMSA’s Public Relations and Education Manager, praised the move as a transformative step toward broader capital market engagement. “This collaboration will bring investment products to communities that have historically lacked access,” Shirima said. “It reflects our vision of a vibrant, inclusive, and well-regulated capital market that supports national development goals.”

Sanlam Investments East Africa, a licensed fund manager under CMSA regulations, brings to the table years of experience in asset management across the continent. Its Sanlam Pesa Money Market Fund and Sanlam USD Fixed Income Fund were both approved by CMSA in October 2023, reinforcing the firm’s commitment to compliance and investor protection.

As Tanzania’s financial sector continues to evolve, the CRDB-Sanlam partnership serves as a benchmark for innovation, trust, and shared prosperity. With technology, trust, and accessibility at its core, this alliance is poised to transform how Tanzanians save, invest, and build wealth—one investment at a time.