CRDB taps Kinshasa after Lubumbashi

DAR ES SALAAM: CRDB Bank has entered Kinshasa, the capital of DR Congo, capitalising on robust performance in Lubumbashi after a full year since launching operations.

The expansion into Kinshasa marks a strategic move for CRDB as it seeks to deepen its footprint in the DRC’s financial sector.

The bank reported strong demand for its services in Lubumbashi, citing rapid customer acquisition, digital uptake and growing partnerships with both public and private institutions.

CRDB Group Chief Executive Officer, Abdulmajid Nsekela said the Lubumbashi subsidiary laid important groundwork by building brand visibility, expanding its retail footprint and initiating targeted market penetration effort.

“The subsidiary continues to expand its outreach with new outlets in Lubumbashi and setting up in Kinshasa.

“While challenges remain, our long-term outlook for the Congolese market remains positive, underpinned by the country’s economic potential and CRDB’s commitment to strengthening its operational base,” Mr Nsekela said in the bank’s 2024 financial report.

The Congo subsidiary reported a 6.7bn/- post tax loss while total deposits reached 22.1bn/- and total assets grew to 184.6bn/- in the first year of operation.

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The loons and advances stood at 5.7bn/-. CRDB DR Congo Managing Director Jessica Nyachiro (pictured) said the year witnessed encouraging traction in digital expansion, branch rollout, customer acquisition and infrastructure enhancement, “despite the pressure of a full-year cost base.”

“The rollout of mobile and internet banking platform contributed to increase customer touchpoints and transactional volumes, supporting balance sheet growth and customer base expansion,” Ms Nyachiro said.

Looking forward, she said the lender remains focused on strengthening their revenue streams, improve cost efficiency and expanding their customer base.

“At CRDB Congo, we are committed to promoting financial inclusion and economic growth in the region,” she said.

During the year CRDB DR Congo rolled out SimBanking, internet banking and VISA for enhanced cross border payments within the region.

On social impact agenda, the lender launched the first CRDB Bank Marathon in DRC, raising funds for the Jason Sendwe Hospital paediatric ward in Lubumbashi.

“Additionally, we introduced Environmental Clubs in primary schools, promoting awareness of sustainability from young age,” she said.

DR Congo’s economic performance continued to be attributed by activities in the mining sector and good price performance of the main exported products.