CEO Nsekela: CRDB Bank Group committed to championing Africa’s economic future

Dar es Salaam. CRDB Bank Group, a regional financial powerhouse with a footprint in Tanzania, Burundi, and the Democratic Republic of Congo (DRC), reaffirms its commitment to unlock Africa’s vast economic potential.

With strategic expansions across East and Central Africa on the horizon, CRDB Bank is dedicated to fostering intra-African trade, supporting local sectors, and promoting financial inclusion.

Speaking at the 9th Africa Leadership Magazine (ALM) Summit, the Bank’s Group CEO, Abdulmajid Nsekela, highlighted the Bank’s commitment to Africa’s sustainable progress.

At the summit themed, “Africa Unleashed: Navigating Disruptions, Enhancing Opportunities,” Nsekela emphasized that Africa holds the largest economic potential globally if stakeholders collaborate effectively.

Backed by a strong balance sheet of over Sh13 trillion, Nsekela reiterated CRDB Bank’s commitment to collaborate with governments, stakeholders, and communities to advance Africa’s sustainable development agenda.

He called for collective efforts to mitigate investment risks, promote financing opportunities, and design tailored financial solutions that support inclusive growth and resilience.

Nsekela underscored the potential of countries where CRDB Bank operates to contribute to Africa’s growth and the Bank’s readiness to support this development.

He highlighted Tanzania’s robust economic growth driven by agriculture, mining, and tourism, and advocated for increased industrialization and infrastructure development, presenting significant investment opportunities.

Expressing enthusiasm for Tanzania’s investment potential for both domestic and foreign investors, Nsekela said, “It is not surprising that investors are eager to participate in Tanzania’s economy.

“Our President, Samia Suluhu Hassan, is doing a commendable job in opening up the country’s economy and hastening recovery from the global Covid-19 pandemic.”

“As the country’s leading bank, we are driving Tanzania’s successful economic recovery by introducing innovative banking services to an ever-wider customer base, thereby ensuring that the benefits of the economic recovery are felt across a broad segment of the population,” Nsekela added.

Nsekela further noted that CRDB Bank is committed to being a catalyst for economic transformation in Africa by financing key segments of the economy in Tanzania, the DRC, and Burundi.

“By investing in critical sectors such as agriculture, mining, tourism, infrastructure, and MSMEs, we aim to empower local communities and contribute to sustainable economic development,” he said.

He emphasized that infrastructure development is crucial for unlocking Africa’s economic potential, advocating for projects like Tanzania’s port and railway expansions, Burundi’s road networks, and energy infrastructure in the DRC.

He highlighted the Trans-African Highway network as pivotal for enhancing connectivity and economic integration across the continent. In Burundi, Nsekela pointed out the untapped potential in agriculture, particularly in coffee and tea production, urging agribusiness investments in bolstering economic stability.

Similarly, in the DRC, he spotlighted the nation’s abundant mineral wealth, advocating for investments in mining and infrastructure to drive economic development.

Nsekela identified financial inclusion as crucial for economic empowerment across Tanzania, Burundi, and the DRC.

He cited digital transformation as an essential enabler of sustainable development across Africa and the transformative impact of mobile banking, noting that the Bank’s cutting-edge digital banking solutions, including SimBanking, have driven financial inclusion, especially among unbanked populations in Tanzania and Burundi.

The same solutions have been rolled out in the DRC, where a majority is expected to be financially included through the platform.

CRDB Bank has also distinguished itself as the leading bank in innovation within the Tanzanian banking sector. Nsekela is proud of the Bank’s track record of pioneering digital banking, which has been crucial for driving financial inclusion in the country.

The Bank has scored several firsts over its competition in the deployment of exciting and innovative products and services to meet the needs of its customers. The Bank, through its subsidiary, the CRDB Bank Foundation, also leads a comprehensive financial inclusion programme dubbed ‘IMBEJU.’

 This initiative equips micro-entrepreneurs, especially youth and women, with essential knowledge, skills, and seed capital, fostering economic empowerment at the grassroots level.

On a pan-African scale, the Bank Boss stressed the vital role of regional integration and trade facilitation initiatives such as the African Continental Free Trade Area (AfCFTA), aiming to unify markets and enhance intra-African trade.

He underscored Africa’s economic potential driven by natural resources, a youthful demographic, and expanding markets, noting urbanization and technological advancements as catalysts for sustainable growth.

According to Nsekela, this kind of sheer dedication to transforming people’s lives and assisting in the transformation of the continent’s economy is precisely why the Bank has achieved such great success.

He said that CRDB Bank is driven by a culture of excellence, strict adherence to best practices, and a total commitment to customers.

During the summit, Nsekela was awarded the prestigious African Leadership Banking Personality of the Year Award at the 14th African Business Leadership Awards (ABLA) 2024.

This award recognises Nsekela’s exceptional leadership and strategic reforms, which have revitalized CRDB Bank’s profitability and performance. This is the third time the Group CEO has received the award.

Nsekela said that the recognition received at the ABLA 2024 not only honors individual leadership, but also positions CRDB Bank as a leading financial institution committed to Africa’s economic development.

He remarked, “Being awarded the African Leadership Banking Personality of the Year is a testament to the hard work and dedication of our entire team. It reflects our commitment to excellence, innovation, and customer-centricity, which are at the core of our operations.”

Nsekela added that such accolades elevate CRDB Bank’s status on the international stage, showcasing the bank’s ability to drive economic transformation and financial inclusion across the continent.

“This achievement is not only a win for CRDB Bank, but also a win for Tanzania. It highlights the country’s growing influence in the global financial sector and its potential as a hub for economic activity in Africa,” he noted.

Further, Nsekela highlighted that CRDB Bank’s recognition reinforces the importance of Tanzania’s economic policies and the role of the financial sector in supporting national development goals.

“The awards and our strategic initiatives align with Tanzania’s vision for sustainable growth, industrialization, and infrastructure development.

We are proud to be part of this journey, contributing to the prosperity and resilience of our nation and the broader African continent.”