CRDB expands to Dubai as it celebrates 30th anniversary

Dar es Salaam. CRDB Bank is expanding to Dubai as it seeks to play a key facilitative role in enhancing trade and investment opportunities for businesses within East Africa and Asia.

Speaking at the weekend during the launch of CRDB Bank’s 30th-anniversary celebrations, the CRDB Bank Group CEO, Abdulmajid Nsekela, said Dubai was selected due to its status as a global financial hub.

The expansion will connect East African businesses to international markets, creating new growth opportunities.

“Our 30-year journey has been shaped by resilience and innovation. Technology has driven our growth beyond Tanzania’s borders. Today, we lead the market with financial solutions that foster inclusion and economic empowerment,” Mr Nsekela said during the function that was graced by the minister of Information, Communication and Technology (ICT), Mr Jerry Slaa.

Dubai will be the latest addition to the Tanzanian bank, which also has operations in Burundi and the Democratic Republic of Congo (DRC).

 The bank’s unaudited financial statements for the 2024 calendar year show that it holds total assets of Sh16.6 trillion, customer deposits of Sh10.9 trillion, and loan disbursements of Sh10.4 trillion.

In his remarks, Mr Slaa praised CRDB Bank’s role in Tanzania’s economic growth. “Reaching 30 years is a major milestone. CRDB Bank has played a key role in our economy, and its expansion to Dubai reinforces its leadership. This aligns with President Samia Suluhu Hassan’s vision to strengthen Tanzania’s global trade presence.”

He also acknowledged CRDB Bank as a leading taxpayer and employer, with over 4,000 staff.

CRDB Bank Chairman Dr Ally Laay reflected on the bank’s journey. “Founded through financial reforms, our mission has always been to expand financial services and drive economic growth.”

He said the bank’s strong performance was yielding lucrative outcomes to investors. “Since 2010, our share price has risen from Sh115 to Sh700, a 509 percent increase.

Our dividend policy ensures at least 30 percent of net profit is distributed annually, with last year’s dividend reaching Sh50 per share, a 525 percent growth since our 2009 listing.”

Looking ahead, CRDB Bank aims to expand globally through technology and strategic partnerships while maintaining leadership in Tanzania, Burundi, and the Democratic Republic of Congo.

The Dubai entry marks a step towards greater financial integration, offering East African businesses direct access to international markets.

 The event concluded with a drone light show over Dar es Salaam. CRDB Bank’s Director of Corporate Affairs and Managing Director of CRDB Bank Foundation, Tully Esther Mwambapa, announced that anniversary celebrations would include activities involving customers, shareholders, and stakeholders, reinforcing CRDB Bank’s commitment to growth and prosperity.