6 November 2018

Tanzania: CRDB Bank Told to Focus On Digital Platform

THE new banking focus should center on digitalizing service delivery channels to accelerate the country's financial inclusion drive. The Bank of Tanzania (BoT) Governor Professor Florence Luoga told CRDB Bank delegation that met him over the weekend that they should focus on digital channels in service delivery.

"This is a digital era, customers are no longer available, are created. If you invest in digitalisation of your products and services your will be able to expand your reach by serving customers wherever they are and thus drive financial inclusion.

"There is still more room for expansion and it doesn't necessary need to be a physical expansion of network," Prof Luoga said. Professor Luoga said that during a meeting with CRDB's Managing Director Mr Abdulmajid Nsekela who visited his office in Dar es Salaam, for a formal introduction.

The meeting was also attended by Deputy Governor for Financial Stability and Deepening Dr Benard Kibese, Deputy Governor for Administration and Internal Controls Mr Julian Banzi, CRDB Chairman of the Board Mr Ally Laay and other CRDB and BoT officials.

Professor Luoga congratulated Mr Nsekela for his appointment as the new Managing Director the bank after retirement of Dr Charles Kimei. "As the regulator of banking sector, we are confident on your capacity, you have enough experience in management of banks and now it is time to take CRDB to the next level, congratulations and good luck", he said.

The Governor said the banking sector is the midwife to the economy and that CRDB being one of the largest and leading banks in the country plays a vital role in supporting economic growth, which is the reason why the regulator is closely monitoring its financial performance.

"To us CRDB is crucial and a very important player in the banking sector", added Prof Luoga. Prof Luoga also congratulated the bank on its initiative in supporting the government's vision towards building a semi-industrialized economy and insisted that CRDB should continue being more creative in that area.

"I challenge you to be more creative and come up with more products and services that will support the government's industrialization drive. "CRDB being a pioneer of the banking sector, you ought to do more," said Prof Luoga.

Mr Nsekela thanked Prof Luoga on behalf of the government for entrusting him to lead CRDB and promised that the bank will continue to work hand in hand with the regulator to ensure that it continues to perform well for the benefit of all stakeholders.

"We are the bank that listens, our plan is to meet with different stakeholders and get to understand their needs and collect feedbacks, with a view of developing products and solutions that will help accelerate growth for our country," said Mr Nsekela.

Mr Nsekela assured the Governor that the bank is taking a number of measures to reduce the number of nonperforming loans and that the NPLs ratio has been significantly reduced to 8.5 per cent in the quarter ended September from 13per cent that was recorded same period last year.

Emphasizing on Bank's commitment on supporting country's economic growth, Mr Nsekela said the bank is ready to support different projects undertaken by the government as well as expand financing in agriculture and manufacturing sector.

"I want to assure you Governor Luoga that CRDB Bank 'Tupo Tayari'," said Mr Nsekela as he was ending his speech.

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