BoT Governor: I envision CRDB Bank evolving into a strategic, pan-African bank leading in innovation

CRDB Bank’s 30-year growth story without the Bank of Tanzania (BoT) at heart of the narrative is a clear fairy tale.

The BoT has played the role of a nurturing parent, offering guidance, oversight, and enabling regulation as CRDB Bank matured into one of Tanzania’s leading commercial banks.

In a special interview with this publication, BoT Governor Emmanuel Tutuba reflected on CRDB Bank’s three-decade journey and the central bank’s role in that evolution. Excerpts...

Question: How would you summarize CRDB Bank’s 30-year journey?

Governor: CRDB Bank’s 30-year journey has been marked by significant success in expanding and strengthening Tanzania’s banking sector.

Over this period, CRDB Bank has established itself as an innovative and inclusive financial institution, offering a broad range of services that reach an ever-growing number of Tanzanians.

These include digital banking, agency banking, insurance agency services, credit facilities, and capital market offerings. As of April 2025, CRDB Bank operated over 260 branches across Tanzania and had expanded regionally with subsidiaries in Burundi and the Democratic Republic of Congo (DRC).

These milestones reflect the bank’s commitment to financial inclusion and its growing role as an engine of national economic development.

What role has CRDB Bank played in advancing Tanzania’s banking sector?

CRDB Bank has been a driving force in banking innovation and financial inclusion, reaching millions of Tanzanians with products tailored to their needs.

By May 2025, the bank had 6.22 million customer accounts and deposits totaling Sh11.33 trillion.

It has issued loans worth Sh11.64 trillion across the key sectors of the economy, including Sh2.70 trillion for agriculture, Sh1.63 trillion for trade, Sh817.99 billion for industry and manufacturing, Sh517.05 billion for construction, and Sh168.68 billion for transport and communications.

A further Sh5.78 trillion was channeled into other sectors. CRDB Bank has led the way in rolling out services such as agency banking, mobile banking, and ATMs, diaspora accounts, and mobile branches— significantly improving access to financial services.

By May 2025, the bank had deployed 38,763 agents across the country, a move that has helped close the financial access gap in remote and underserved areas.

Notably, CRDB Bank became the first local bank to expand its footprint beyond Tanzania’s borders—growing its regional and international business while exporting Tanzania’s financial expertise.

The bank has also played a stabilizing role in the local financial ecosystem. It was instrumental in the rescue of struggling institutions like Tandahimba Community Bank and Kilimanjaro Cooperative Bank—efforts that led to the creation of the Cooperative Bank of Tanzania (CBT), with CRDB Bank as a lead investor and shareholder.

Through its corporate social responsibility arm, the CRDB Bank Foundation, the bank has empowered women and youth through its flagship Imbeju Programme.

By March 2025, it had provided entrepreneurship and financial literacy training to around 1.25 million individuals and offered startup capital to

520,149 small-scale entrepreneurs—injecting a total of Sh10.25 billion into grassroots businesses.

What role has the Bank of Tanzania played in this journey?

As the sector’s regulator, the Bank of Tanzania has created an enabling environment for CRDB Bank and other banks to thrive by introducing conducive policies, offering regulatory guidance, and allowing room for service innovation.

It was BoT that approved CRDB Bank’s pioneering agency banking model, which has transformed how banking services are accessed across Tanzania.

We’ve also worked closely with the bank by reviewing and approving new products and ensuring they align with broader goals such as financial inclusion.

This regulatory support has made the sector more resilient, competitive, and innovative. Moreover, BoT has provided liquidity support when needed to ensure smooth operations for commercial banks, including CRDB Bank.

Where do you see CRDB Bank in the next 30 years and what’s your message to the bank’s leadership?

Over the last three decades, CRDB Bank’s assets have grown from Sh54 billion in 1996 to Sh17.14 trillion as of May 2025. I envision CRDB Bank evolving into a strategic pan-African bank and a leader in banking innovation in Sub-Saharan Africa.

The bank is well-positioned to enter new regional markets, enhance its digital offerings, and tailor its services to the needs of diverse customer segments.

My advice to CRDB Bank’s leadership is to continue investing in cutting- edge technologies, promoting financial inclusion, enhancing customer experience, and streamlining operational efficiency.

The bank should remain a key player in driving Tanzania’s development—particularly through financing clean energy, infrastructure, and cross-border trade.

Finally, I urge CRDB Bank to continue upholding regulatory compliance, good governance, and robust risk management, in line with BoT’s directives, including the Banking and Financial Institutions (Corporate

Governance) Regulations, 2021. A strong governance and risk framework will be essential for long-term sustainability.