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CRDB targets mega projects financing

CRDB Bank focuses on financing large infrastructure projects and its mobile phone banking customers to boost its profitability.

The Bank’s Group Chief Executive Officer, Mr Abdulmajid Nsekela, said the banking environment is fast changing and as the largest lender maintaining its pole position was of paramount important.

“We aim at transforming our business in order to be the best bank…by building an organisation with multi-channel distribution network, supported by digital innovations,” Mr Nsekela said.

The two segments are among the lender strategies to increase and sustain its profitability margins and continue to stay at the top of 54 banks in the country.

Recently, CRDB and United Bank for Africa (UBA) coarranged the largest bank guarantee financial syndication of 1.7tri/- for contractors of the Stiegler’s Gorge Hydroelectric Power Station.

He said financing such huge projects with low defaulting was what the bank was focusing on in the future to sustain its profit making and stay at the top.

He also said mobile phone banking was another area where currently there are six million subscribers on mobile money but only half are hooked by banks.

“We see this as an opportunity to transform how we do business and build deeper and more personal relationship with those we serve,” Mr Nsekela said.

To reach its ambition, the bank pursued several deposit mobilisation initiatives through continuous engagement with top corporate and instructional customers for retention.

Also it has established nine zones for upcountry branches geared at enhancing business growth and implementing customer migration campaign to entice them to digital platforms in 81 branches.

CRDB Director of Finance Fredrick Nshekanabo said last year they witnessned a notable growth in digital acquisition of customers.

“We grew more transactions and execution towards our digital channels as the bank witnessed more than 85 per cent of total transaction taking place outside the branches, which is more cost effective,” he said.

BANKERS and researchers have hailed ...

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Author: ABDUEL ELINAZA in Arusha

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