CRDB Bank yesterday launched a series of celebrations marking its 20 years since its privatisation, boasting of having grown to become the largest financial institution in the country.
The four-month marathon of celebrations would involve offering donations to various institutions mainly, those involved in education and recognition of the firm’s long serving staff and shareholders.
The bank said it took off with a loss of 1.8bn/- in 1997 amid a number of challenges including obsolete technology that barred its 19 branches to communicate each other.
However, 20 years later, CRDB has 198 branches full connected and made a profit of 130bn/- at end of 2015, thanks to innovation championed by local staff.
CRDB Managing Director Dr Charles Kimei said before privatisation the bank offered hardly three normal banking services that limited its profitability and growth.
“In 20 years all of us we have witnessed rapid growth in total assets, deposits, branch network and loan portfolio,” Dr Kimei told journalists.
The bank balance sheet in 1996 showed that it had customer deposits of 40bn/- and assets worth 54bn/- which represent merely 5.0 per cent of total market share of banking resources in the country.
But at the end of last year, the bank total assets and deposits climbed 100 times each to reached 5.3tri/- and 4.2tri/- respectively, roughly 40 per cent of market share.
While the bank customer base increased to 1.8 million from 120,000 of twenty years ago and workforce rose to 2,682 from 400, of whom 99.99 per cent a locals. “We were the first to integrate banks’ branches that facilitating transaction transfers, introducing ATM cards, and children account in the country.
“We have been the first to seize opportunity to enable Diasporas to open domestic accounts—under a banner of Tanzanite,” Dr Kimei jovially said.
The bank last year paid a total of 107bn/- in taxes including corporate tax of 55bn/-, pay as you earn (PAYE) and excise duty.
The bank boast of its innovative alternative banking products including letting customers to access their accounts using mobile phones, internet banking and mobile branches— full equipped with ATMs.
The Simbanking has client base of one million, but fully registered are 500,000 customers, while Fahari Huduma has 1769 agents. “By the end of this year the bank ATMs expected to reach 500 (from current 461),” Dr Kimei said.
The bank during its 20 years has managed to introduce two subsidiaries—microfinance deals with lending micro economic groups and CRDB-Burundi— both have posted successful results.
Over the year CRDB have won many awards from various local and foreign institutions including EuroMoney, Superbrand and Association of Tanzania Employers.
Daily News
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