Tanzanian bank claims a rise in DRC adoption

After registering deposits of 2.5 billion Congolese Francs ($900,000) against an assets portfolio of CDF 126 billion ($45.3 million) in the first five months of 2018, Tanzanian bank CRDB declared a modest start to its Democratic Republic of the Congo development effort.

In July 2023, the bank’s registered affiliate, CRDB Bank DR Congo SA, opened its Lubumbashi branch in the east of the nation after completing the protracted licensing process with authorities.

CRDB Bank DR Congo SA Board Chairman Dr. Fred Msemwa highlighted an early optimistic reaction from Congolese clients, including a significant number of medium- and large-scale firms, during the bank’s inaugural shareholders meeting, which was held in Lubumbashi on April 6.

In his performance briefing to shareholders, Dr. Msemwa stated, “The influx of customers so far in such a short period of time is a healthy sign that bodes very well for the future as we become even more established.”

The preliminary data, according to CRDB Group Chief Executive Officer Abdulmajid Nsekela, confirmed the bank’s forward expectations that business between Tanzania and the Democratic Republic of the Congo would grow further in tandem with continuous upgrades to the port of Dar es Salaam’s road, rail, and other connections.

According to him, the bank’s decision to provide integrated digital services—with its Lubumbashi branch serving as a hub—was motivated by this forecast, which would facilitate domestic and international money transfers between clients in both nations.

In order to fully capitalize on current and future opportunities as they arise, we entered the DR Congo market at the appropriate time, Mr. Nsekela stated.

The bank has been operating a subsidiary in Bujumbura, Burundi, since 2012. The total assets of the company, known as “CRDB Umoja,” are expected to reach $334 million by September 2022.