CRDB Bank’s new boss outlines growth strategy

Thursday October 11 2018

Newly appointed CRDB Bank managing director

Newly appointed CRDB Bank managing director Abdulmajid Nsekela (left) confers with board chairman Ally Laay during a news conference in Dar es Salaam. Mr Nsekela has taken over from Dr Charles Kimei, who has stepped down after 20 years at the helm of Tanzania’s biggest bank. PHOTO | CORRESPONDENT 

By Samuel Kamndaya @TindwaSamuel

Dar es Salaam. The new chief executive of CRDB Bank Plc, Mr Abdulmajid Nsekela, on Wednesday October 10 pledged to deliver improved profits and dividend to the lender’s shareholders, detailing four strategies he will employ to achieve the objectives.

Speaking during his maiden press conference since assuming the role of CEO for the country’s largest lender (by asset size and customers’ deposits), he said he and his team would leverage on digital banking to make services accessible all the time.

He would also focus on small scale enterprises; improve skills of the bank’s manpower as well as work with the government to ensure that many clients are able to make their statutory payments via the bank.

Mr Nsekela said he was aware of what shareholders expected of him, exuding confidence that he would not let them down.

“I thank the board for trusting that I have what it takes to manage CRDB Bank. I promise that CRDB will remain a strong entity and clients can expect to get what they have been receiving,” he said amid applause from the bank’s staff who took part in the event.

Mr Nsekela, who came to CRDB’s steering seat on October 4 to succeed Dr Charles Kimei, said the lender will seek to make its way into the lower-end clients, particularly targeting small scale traders and farmers. “CRDB has worked well with large and medium-sized clients but we should now look at small-sized enterprises, including small scale farmers. If we do this, we will increase our profits and raise dividend to shareholders,” he said. During his tenure as CRDB Bank, Mr Nsekela said he will ensure that the lender’s services are accessed on 24 hour/day basis, banking primarily on digital platforms.

“Between 19 million and 20 million Tanzanians own mobile phones yet Finscope says it is only 17 per cent of adult Tanzanians who hold bank accounts. If we make our digital platforms work, we can do better,” he said.

Fine-tuning the skills for CRDB Bank’s workforce so they can not only issue services but also advise clients on which of them (the services) suit their needs also ranks high on Mr Nsekela’s agenda.

Earlier, CRDB Bank’s board of directors chairman Ally Laay acknowledged the role played by outgoing CEO, Dr Kimei, for making the lender what it is today, noting however that the plan to allow him to remain in office until May 2019 had to be aborted as soon as Mr Nsekela’s recruitment process was completed.

“The board held its emergency meeting on October 2, 2018 and decided that Dr Kimei should leave earlier than the planned May 2019,” he said.