NAIROBI: CRDB Bank has championed Africa’s economic transformation at the African Development Bank (AfDB) Annual Meeting in Nairobi, Kenya.
The bank, one of the leading lenders in Tanzania, has the quest to improve lives and enhance the economies of the markets it serves in the continent.
The lender hosted a panel discussion in the meeting focusing on the advancement of cross-border banking in African countries to drive economic transformation across the continent.
CRDB’s Group Managing Director and CEO, Abdulmajid Nsekela, said in a statement yesterday after speaking at the official panel discussion of the AfDB meeting that banks are playing a significant role in the development of the African continent.
“As (one of) the first locally owned and operated bank in the country to cross national borders and establish subsidiaries in Burundi and the Democratic Republic of Congo, we feel great pride to have the opportunity to organise this discussion aimed at inspiring financial institutions in our countries to expand their services beyond our national borders to stimulate economic transformation in Africa,” Mr Nsekela said.
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This event, held as part of the 2024 Annual Meeting of the AFDB was expected to bring together over 3000 participants, including key figures such as heads of state, government leaders, and representatives from financial institutions across Africa.
Mr Nsekela said during the discussion that the bank is currently in the feasibility study stages for opening more subsidiaries in other African markets.
“The Bank also plans to establish strategic offices in some countries outside Africa, demonstrating its commitment to continuous growth and expansion,” he said.
One of the participants in the discussion, Norfund’s Director for East Africa, William Nyaoke, posed a challenge to African governments to have stable policies that do not frequently change to attract financial institutions to invest beyond their home countries’ borders and thus stimulate economic transformation in Africa.
The CRDB delegation had has several meetings with international financial organisations, including Afreximbank and the African Guarantee Fund (AGF).
These strategic meetings aimed to strengthen relationships between these institutions, which are already partners with CRDB to provide loans in agriculture and business, while also targeting youth and women’s groups.
Additionally, these meetings aimed to expand collaborations with these institutions in CRDB’s subsidiaries in Burundi and the DRC.
