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Posts published in “Banking and Finance”

CRDB Bank Recognized for Supporting Small Businesses

Due to its innovation and excellence in meeting customer needs and expectations, CRDB Bank has received an international award for being the Best Bank in Tanzania serving small and medium-sized enterprises (SMEs) for 2024.

This award was given by Euromoney, a renowned magazine based in the United Kingdom that recognizes banks and financial institutions making significant contributions to the communities they serve.

Bonaventura Paul, the Director of SME Business at CRDB Bank, accepted the award. He stated that the bank has increased its efforts to serve entrepreneurs in the country by developing products that meet their needs.

One of these initiatives allows entrepreneurs to borrow using their business cash flow records without needing collateral.

A businessperson with a purchase order can obtain a loan from CRDB. The bank collaborates with different stakeholders to make this possible.

In 2023, CRDB Bank disbursed more than TZS 8.9 trillion, with 12% of that amount directed towards small and medium-sized businesses.

Paul mentioned that the use of technology, especially in payments, has improved efficiency in many entrepreneurs’ businesses.

To reach more entrepreneurs, the bank has expanded its scope by involving young businesspeople who benefit from training and financial education provided through various platforms.

The bank’s five-year medium-term strategy (2023-2027) prioritizes empowering small and medium enterprises (SMEs).

In the first half of this year, CRDB has already issued loans worth approximately TZS 1.5 trillion.

Loan Disbursement Overview (2023)


Year Total Loans Disbursed (TZS) Percentage to SMEs
2023 8.9 trillion 12%
2024 (First Half) 1.5 trillion N/A

Paul highlighted that the bank’s innovative approach and dedication to meeting the needs of small and medium-sized businesses were key factors in receiving this prestigious award.