Jessica Nyachiro: At the helm of CRDB Bank’s bold journey into the DRC

When Ms Jessica Nyachiro boarded a plane to Lubumbashi in early 2023, she wasn’t just travelling to a new country, she was stepping into a new era.

Armed with little more than a suitcase, an ambitious blueprint, and 18 years of experience in Tanzania’s banking sector, Ms Jessica was about to do something no Tanzanian banker had done before: open a subsidiary in one of Africa’s most complex markets, the Democratic Republic of Congo (DRC).

It wasn’t the first bold step in her career and it wouldn’t be the last. Her journey with CRDB Bank began in 2005 as the Card Business Manager.

Over the years, her sharp business acumen saw her rise steadily through the ranks from leading the Retail Banking division to eventually heading the Strategy Department.

It was during her strategic tenure that CRDB Bank set its sights beyond Tanzania. Having already entered Burundi in 2012, the bank was ready to test deeper waters.

Ms Nyachiro led an ambitious market study across the region, eventually identifying the DRC as the most promising frontier.

Her leadership in crafting and presenting the expansion plan earned her the trust of the board and later, the task of bringing the vision to life.

By 2022, the Bank of Tanzania gave CRDB Bank the green light to establish a subsidiary outside the country. In July 2023, CRDB Bank was officially launched in Lubumbashi, marking a milestone not just for the institution, but for Tanzania’s footprint in African banking.

The early days in the DRC weren’t without skepticism. Congolese customers, long accustomed to their existing financial providers, viewed the new entrant with caution.

But Ms Nyachiro and her team were prepared. “We had the strong support of our parent bank in Tanzania,” she recalls, adding, “That backing allowed us to set up sound systems and begin building a capable local team.”

CRDB Bank DRC made a bold technological move by deploying the T-24 core banking system a first among CRDB Bank subsidiaries.

The platform’s ability to integrate retail, corporate, and wealth services gave the bank an edge, helping it quickly gain traction. And results soon followed.

By the end of 2024, CRDB Bank DRC’s balance sheet had grown by 63%, reaching USD 72 million. The customer base swelled past 2,000, with many being attracted by its tailored services particularly for SMEs, which received USD 2.3 million in loans.

The Bank’s staffing also more than doubled from just 26 employees at inception to over 60 with two more branches set to open by year-end.

Digitally, CRDB Bank DRC has leaped forward. From a modest start, over 1,000 customers are now active on mobile banking, and 300 use internet banking.

Agency banking is next on the horizon, expected to deepen outreach into rural and underserved areas.

“Our vision is broader than profit,” Ms Nyachiro says, adding, “We’re forging partnerships with the government and key stakeholders because we believe financial institutions must drive national development.”

With a focus on digital innovation and inclusive finance, Ms Nyachiro envisions CRDB Bank becoming a transformative player in the DRC’s banking ecosystem.

“We are not just offering banking services,” she emphasizes, adding, “We’re changing how Congolese communities engage with money, with credit, with opportunity.”

Ms Nyachiro’s leadership stands as a powerful example of what’s possible when vision meets resolve. And as CRDB Bank continues to grow in the heart of Africa, its pioneering spirit embodied by Nyachiro is setting the pace for regional banking ambitions.