CRDB reduces non-performing loans to 3 percent

Arusha. CRDB Bank has successfully reduced the amount of non-performing loans from its customers from 9 to 3 per cent, this comes at a time when the bank is gearing towards the 27 shareholders' meeting.
Speaking to reporters in Arusha ahead of the Bank's 27th annual general meeting, CRDB Bank’s CEO Abdulmajid Nseleka said they had managed to reduce non-performing loans from 9 percent in 2019 to 3 percent in 2022.
"And through that we have managed to reduce interest rates by looking at the key sector that is critical for the country's economy which is agriculture," he said.
Nseleka said the goal is to reach more people in the entire agricultural sector where more farmers will benefit from the services provided by CRDB bank.
He said the farmers would benefit from the purchase of various inputs and equipment and the second sector to benefit includes workers whose interest rates have been reduced from 18 percent to 13 percent while women entrepreneurs reduced from 20 percent to 12 percent.
For his part, the Chairman of the CRDB board of directors, Ally Laay said they have been investing in education for their clients including shareholders whose number has reached more than six hundred thousand.
“By investing in customer education it will help to understand the importance of investing and how to take advantage of the opportunities that arise in CRDB Bank, the main aim is to empower citizens make use of the available opportunities,” he said.
The bank’s corporate affairs manager Tully Esther Mwambapa urged shareholders to exercise their basic voting right in their network to elect shareholders on May 18,2022