One of Tanzania’s leading financial institution, the CRD Bank is in the final process of establishing its cross-border the Democratic Republic of Congo which opens shop in October 2022.
As far as the Managing Director of CRDB Bank, Abdulmajid Nsekela is concerned, the DR Congo arm, complements the institution’s slowly but surely expansion into foreign territories.
DR Congo is the newest and 7th member of the Arusha-based East African Community, also comprising of the host country Tanzania, Kenya, Rwanda, Uganda, Burundi and South-Sudan.
The new CRDB branch in DR Congo gets launched at Lubumbashi in the South-Eastern parts of the rather big country.
“In addition to expanding services beyond borders, the CRDB Bank wants to accommodate Tanzanians who have businesses in the DR Congo, travelers and even Congolese who conduct trading transactions across the border,” said Nsekela.
The CRDB Managing Director was addressing the bank stakeholders at the threshold of the bank’s 27th Meeting of shareholders, as usual, the bank holds its annual Members’ conferences in Arusha.
The CRDB Bank first ventured across the border into Burundi in 2013 opening two branches at Asiatique and City Centre in Bujumbura, making a total of four branches including one mobile branch.
The Bujumbura subsidiary, total assets grew to reach 104 billion/- and the total deposits stand at nearly 30,000 million/- by the year 2015.
According to Nsekela the bank is anticipating to establish presence in all the seven East African countries.
Meanwhile the CRDB bank is cutting down interests charged on loans borrowed from the financial institution for farmers, from 20 percent down to 10 percent, which according to the management will assist in agricultural development in the country.
Also to benefit in reduced interest are the women traders from 20 percent down to 12 percent to stimulate capital growth. Also to enjoy reduced interests on borrowed money are local employees who will now be taxed 13 percent, instead of the previous 18 percent.
The CRDB Bank is the leading financial institution in terms of assets in Tanzania with 7.76 trillion/- worth of assets as of now.
The CRDB Chairperson of Board of Directors, Dr Ally Laay said they have started awareness raising training among shareholders regarding investments’ opportunities being provided by the bank.