CRDB Bank’s Nsekela speaks on the company’s expansion into the DRC

CRDB Bank PLC, one of the leading banks in Tanzania, has recently secured a license to operate in the Democratic Republic of the Congo (DRC), marking a significant expansion in the East African Community Region. The move comes at a time when the bank has been experiencing remarkable growth, with its net profit soaring from 64 billion Tanzanian shillings in 2018 to a staggering 351 billion Tanzanian shillings currently. This impressive performance has been attributed to the bank's strategic focus on key market segments, digital transformation, and special group initiatives. CNBC Africa recently caught up with Abdulmajid Musa Nsekela, the Group Managing Director of CRDB Bank PLC, to discuss the company's expansion plans and strategies in the DRC. Nsekela emphasized the government's efforts to promote the private sector and CRDB Bank's pivotal role in driving economic development in Tanzania. The bank has particularly focused on key segments such as SMEs and agribusiness, while also prioritizing digital transformation to enhance service delivery and engagement in strategic projects. Nsekela highlighted the bank's successful initiatives targeting special groups like women and youth, which have contributed to its robust financial performance. With CRDB Bank's entry into the DRC market, Nsekela underscored the strategic importance of the move, citing the significant trade relations between Tanzania and the DRC. The bank has laid the groundwork for its operations in key areas like Kinshasa, Goma, Bukavu, and other trade hubs to bridge the gap in financial services and promote cross-border trade. CRDB Bank has partnered with equity investors to fuel its operations in the DRC, focusing on sectors beyond mining and minerals to tap into the vast potential of the market. Nsekela expressed confidence in the bank's competitive edge in the DRC market, citing its customer-centric approach and focus on various segments such as MSMEs, youth, and women. He projected a positive outlook for the bank's performance in the DRC, aiming to break even within the next two years. Despite the current global economic challenges, Nsekela remains optimistic about the growth prospects in the DRC market, driven by stable political conditions and bilateral economic cooperation between Tanzania and the DRC. As CRDB Bank gears up to launch its operations in the DRC in June, Nsekela expects a rapid growth trajectory fueled by existing relationships with key players in the region. The bank's customer base, currently serving 4.8 million customers, is poised to expand significantly with its foray into the DRC market, presenting a promising growth opportunity for CRDB Bank PLC.