CRDB Bank Champions Cross-Border Banking to Drive Economic Transformation in Africa

Nairobi, May 28, 2024 – CRDB Bank hosted an insightful panel discussion in Nairobi, Kenya, aimed at advancing cross-border banking to foster economic growth across the African continent. The event, held as part of the 2024 Annual Meeting of the African Development Bank (AFDB), drew over 3,000 participants, including heads of state, government leaders, and financial institution representatives from across Africa.

During the panel discussion, CRDB Bank’s Managing Director, Abdulmajid Nsekela, emphasized the importance of financial institutions in driving Africa’s economic transformation. He highlighted CRDB’s commitment to expanding its presence beyond Tanzania’s borders, notably in Burundi and the Democratic Republic of Congo, and encouraged other African financial institutions to follow suit. “Banks play a crucial role in the development of our continent, and by expanding our services beyond national borders, we can contribute to economic growth and create new opportunities across Africa,” Nsekela stated.

As the first Tanzanian-owned bank to establish subsidiaries outside the country, CRDB Bank has been a pioneer in cross-border banking. Nsekela shared that the Bank’s expansion efforts are ongoing, with feasibility studies being conducted for further African markets. CRDB is also planning to set up strategic offices outside Africa, reinforcing its commitment to continuous growth and contributing to the broader financial ecosystem.

The discussion also saw input from William Nyaoke, Director for East Africa at Norfund, who called on African governments to implement stable policies that encourage financial institutions to invest beyond their borders. “Stable and consistent policies are key to attracting financial institutions, which can, in turn, stimulate economic transformation across the continent,” Nyaoke remarked.

In addition to hosting the panel discussion, the CRDB Bank delegation held several meetings with international financial organizations, such as Afreximbank and the African Guarantee Fund (AGF). These meetings aimed to strengthen existing partnerships and explore new avenues for financing critical sectors like agriculture, business, and youth and women’s empowerment. CRDB Bank aims to enhance its subsidiaries in Burundi and the Democratic Republic of Congo by expanding collaborations with these financial institutions.

CRDB Bank has long been recognized as a leading financial institution in East Africa, offering services to retail, micro, small and medium businesses, and large corporations in Tanzania, Burundi, and the Democratic Republic of Congo. The Bank has garnered global recognition for its stability, earning a “B1 stable outlook” rating from Moody’s Investors Services, marking it as one of the top ten safest banks for investment in Sub-Saharan Africa.

With a focus on environmentally sustainable initiatives, CRDB Bank has also made strides in green finance, becoming the first bank in Sub-Saharan Africa to issue the largest green bond in 2023. This bond will help fund environmentally friendly projects, further cementing CRDB Bank’s role in promoting sustainable development.

Serving over four million customers, CRDB Bank boasts an extensive footprint with more than 260 branches, 25,000 CRDB Wakala, over 600 ATMs, and 1,800 merchants. The Bank also offers world-class mobile and internet banking services, with over 90% of customer transactions being conducted through digital platforms. With its strong focus on innovation, financial inclusion, and cross-border expansion, CRDB Bank is poised to continue leading the way in transforming Africa’s banking landscape.