Dar es Salaam. CRDB Bank has been voted as the best bank in Tanzania, thanks to efforts it attached to attending to the needs of its customers amid difficult market conditions.
The Dar es Salaam Stock Exchange (DSE) listed lender was voted as such by the New York-headquartered Global Finance magazine during the announcement of its 27th annual awards for the World’s Best Banks. “The winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished better results while laying the foundations for future success,” the Global Finance Magazine said in a statement that was availed to The Citizen in Dar es Salaam yesterday.
Global Finance – which was founded in 1987 and has a circulation of 50,000 and readers in 188 countries – said in the statement that CRDB Bank Plc was one of those that were selected by its (Global Finance) editors after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.
Reacting to the news, CRDB Bank Plc chief executive officer, Mr Abdulmajid Nsekela said last year (2019), CRDB Bank made a deliberate decision to transform its operations with a focus on improving operational efficiency and customer experience. It also invested in the digital technologies to deliver a more robust service to its customers.
“The Bank’s digital platforms such as CRDB Wakala, SimBanking and Internet banking play an important role in increasing financial inclusion especially in disadvantaged areas, serving more than 3 million customers across the country,” he said, noting that special importance was attached to financing small and medium enterprises.
In 2019, CRDB Bank Plc also designed a product for micro-entrepreneurs that are commonly known as ‘Machinga’.
“In Tanzania, there are a lot of businesses that the people would say are not formal.
We are trying to get them on-board. Aside from giving them the money, there are many advantages to being part of the banking system,” hinted Mr Nsekela. A total of four banks made it to the list in East Africa with Kenya, Uganda and Rwanda producing KCB Bank, Stanbic Bank Uganda and I&M Bank Rwanda respectively.
According to the statement, Global Finance considered factors that ranged from the quantitative objective to the informed subjective in coming up with the list. Banks were invited to submit entries supporting their selection. Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.
“The banking industry is increasingly challenged by rising customer demands for safe real-time access with total control and broad flexibility,” publisher and editorial director of Global Finance, Joseph Giarraputo, said. Two weeks ago, the bank group announced a cumulative after-tax profit of Sh120 billion during the third quarter of 2020, up from the Sh92 billion profit that was reported in the cumulative period to the third quarter of 2019.