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CRDB wins award for small biz support

CRDB Bank has been recognised as the best bank in the country for serving SMEs in 2024 by Euromoney Magazine
CRDB Director of Retail Banking Bonaventura Paul (right) receiving the award

TANZANIA: CRDB Bank has been recognised as the best bank in the country for serving SMEs in 2024 by Euromoney Magazine, thanks to its innovative strategies and exceptional client service.

The awards, offered by the UK based magazine for the last 30 years, goes to banks and financial institutions that make significant contributions to the communities they serve.

CRDB Director of Retail Banking Bonaventura Paul, who received the award, said the bank intensified its efforts in serving entrepreneurs by developing products that align with their needs that included using their business cash flow information as collateral for borrowing.

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“A business owner for instance,” Mr Bonaventura said, “can access our loans using local purchasing order.”

He said last year, for example, they partnered with Silent Ocean to enable importers to access up to 63,000 US dollars (170bn/-) loans for covering transportation, port costs and taxes.

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In total, last year, CRDB lent over 8.9tri/- where 12 per cent of the amount was directed towards SMEs which was an increase of 11 per cent in comparison to 2022.

Additionally, the entrepreneurs are now connected to digital payment systems easily, including LIPA Namba and QR Code systems, Internet banking, and SimBanking services, which facilitate the management of their accounts.

CRDB mid-term strategy for 2023-2027, prioritising the supporting small and medium enterprises (MSMEs).

In the first half of this year alone, the largest lender in the country, has already provided 1.5tri/- to MSMEs.

Each year, over 600 banks and financial institutions from more than 100 countries participate in the prestigious Euromoney awards in the banking and finance sector, based on research and guidance provided to all participants, which has been a significant aid in improving banking services worldwide.