By JULIUS MBALUTO 

Tanzanian Bank CRDB was honoured with the prestigious title of  "Best bank in Tanzania 2024" at The Banker Awards in London. The event was organized by the Financial Times at The Peninsula Hotel and celebrated exceptional performance and innovation in the global banking industry. The prestigious event was hosted by UK's broadcaster Sir Trevor McDonald. 

The award for CRDB Bank was received by TullyEsther Mwambapa, Managing Director of the CRDB Bank Foundation. She was accompanied by Emmanuel Kiondo, Head of Corporate Affairs, and Adam Mhagama, Senior Official from Tanzania Embassy in the United Kingdom. 

This Award is like the icing on the cake for CRDB bank this year as it comes after other major victories. CRDB also won "Best Small and Medium Enterprises (SME) Bank in Tanzania" by Global Finance and the "Best Mobile Banking App" by Euromoney. Together, these awards underscore CRDB Bank’s leadership in innovation, financial inclusion, and sustainable banking.

Highlights of CRDB Bank’s Success

CRDB Bank’s recognition by The Banker was driven by its: 

-Robust Financial Growth: A 20.4% increase in Tier 1 capital to TZS 1.78 trillion, a 14.48% rise in total assets to TZS 13.32 trillion, and a 20% growth in net profits to TZS 422.79 billion.

-Strategic Expansion: Successful establishment of operations in the Democratic Republic of Congo (DRC) and new branches across Tanzania to support underserved communities and enhance financial inclusion.

- Technology-Driven Innovation: Cutting-edge digital platforms such as SimBanking and TANQR that simplify transactions and deepen customer engagement.

-Commitment to Sustainability: The ground-breaking Kijani Bond, Sub-Saharan Africa’s first green bond, raised TZS 171.82 billion to fund environmental and social initiatives.

From Left TullyEsther Mwambapa MD CRDB Bank Tanzania, Emmanuel Kiondo , Head of Corporate Affairs CRDB Bank and the Chief Editor of Informer East Africa Newspaper UK 

Driving Tanzania’s Financial Leadership

Speaking on the achievement, TullyEsther Mwambapa stated, “Winning The Banker’s award solidifies our position as a financial leader in Tanzania and beyond. This recognition celebrates the hard work of our teams and partners in creating impactful solutions that uplift communities and promote sustainable development.”

This award also reflects Tanzania’s growing prominence as a regional financial hub, thanks to a supportive regulatory environment and robust economic policies. Over the years, Tanzania has made significant strides in fostering financial inclusion, digital transformation, and cross-border investment opportunities. These developments, coupled with a stable macroeconomic framework, have positioned the country as a beacon of growth and innovation in the region, attracting both local and international stakeholders to its financial ecosystem.

The Banker’s Bank of the Year Awards

These are some of the most prestigious in global banking. The scope of the awards covers more than 120 countries worldwide. Licensed full-service commercial banks, retail banks and digital lenders compete within their local markets, and one winner is chosen in each country to receive the Bank of the Year accolade. The Banker’s awards are judged by a panel of editors, including regional and sector specialists, a process which takes over 5 months to conduct. The decisions are made according to a key criterion of improvements made over the past 12 months. Small and large banks compete on an even playing field.

CRDB Bank Plc is one of the leading commercial banks in East Africa, serving diverse sectors and clients across Tanzania, Burundi, and the Democratic Republic of Congo. Rated "B1, stable" by Moody's, CRDB Bank holds one of the strongest ratings for banks in East Africa and over 3 decades, the bank has significantly contributed to economic transformation in its markets. In 2019, CRDB was accredited by the UN Green Climate Fund, and in 2023, it issued a green bond to support environmentally friendly projects.

With over 5 million customers, CRDB Bank operates 250+ branches, 25,000 agents, and 650+ ATMs. Its quest to promote financial inclusion resulted to the establishment of CRDB Insurance and CRDB Bank Foundation in 2023, wholly owned subsidiaries that further contribute to economic growth and complement the banking business.