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Friday, 25 May 2018

WHY CRDB BANK, NDULU SHONE IN AFRICAN BANKER AWARDS EVENT

CRDB Bank managing director Charles Kimei speaks to senior officials of the Prisons Services in Dar es Salaam yesterday. With him is the Tanzania Prisons Services Commissioner General, Dr Juma Malewa. PHOTO|THE CITIZEN CORRESPONDENT 

In Summary

The bank – the largest in Tanzania in terms of asset size – emerged as the Best Regional Bank for East Africa during this year’s African Banker Awards, which is possibly, the most prestigious event in Africa’s banking and finance sector.
Dar es Salaam. CRDB Bank Plc shone at the 2018 African Banker Awards, thanks to its efforts in reaching out to the unbanked segment of the society.
The bank – the largest in Tanzania in terms of asset size – emerged as the Best Regional Bank for East Africa during this year’s African Banker Awards, which is possibly, the most prestigious event in Africa’s banking and finance sector.
The awards, held under the patronage of the African Development Bank (AfDB), classifies regional banks in accordance with their specific regions from North, East, South, West or Central Africa.
Specifically, CRDB received the award for reaching out to new customers, offering new services and for adopting inclusiveness by bringing the unbanked into the banking space.
The bank was also recognized for making use of new technologies and contributing to a stronger financial sector in East Africa.
The annual event, which takes place during the annual meeting of the AfDB, highlights the achievements of companies and individuals that contribute to the transformation and development of Africa’s financial sector.
In that regard, the former governor of the Bank of Tanzania (BoT), Prof Benno Ndulu emerged as the Central Bank Governor of the year.
Prof Ndulu, whose tenure at the BoT expired in January this year (2018), was specifically recognized for his work in pushing for financial inclusion as well as for sound macroeconomic management in the awards ceremony that was held at the port city of Busan in South Korea. According to the organisers, the Central Bank Governor of the year award goes to the central bank governor who has successfully reformed and transformed the financial sector, through proper regulation and policies, as well as created a stable and predictable environment for investment and growth.
Prof Ndulu is credited for presiding over strong economic growth averaging 7 percent a year while bringing down the annual inflation rate to single digit levels from a peak of 20 percent in December 2011.
He is credited with implementing prudent policies and overseeing macroeconomic stabilisation that have underpinned Tanzania’s strong economic performance for over a decade.
He also supported the expansion of financial inclusion by licensing more commercial banks, helping introduce agent banking and tapping into the growth of mobile financial services.
East Africa dominated the awards this year, with the chief executive officer for Equity Group Holdings Plc in Kenya, James Mwangi, bagging the Banker of the Year.
His bank has seen impressive growth through a series of innovations and diversified investment channels away from consumer loans. Kenya’s Equity Group also beat off strong competition from four other shortlisted nominees to win the coveted ‘African Bank of the Year Award’.
The Citizen

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