Basic
InformationCRDB Bank is a wholly owned and privately owned commercial bank based in Tanzania and committed to providing comprehensive financial services.
Full Name: CRDB Bank Plc
Founded: 1996
Headquarters:P alm Beach, Upanga East, Ally Hassan Mwinyi
RoadShareholder BackgroundCRDB Bank is a bank listed on the Dar es Salaam Stock Exchange (DSE) (ticker symbol: CRDB, ISIN: TZ1996100305) and publicly listed on June 17, 2009. The shareholder structure is a privatized enterprise, with no state-owned component, and is mainly held by institutional and individual investors.
Coverage
area: CRDB Bank mainly serves the East African region, currently has operations in Tanzania and Burundi, and opened a subsidiary in the Democratic Republic of the Congo in July 2023. In May 2024, the bank announced plans to expand to Zambia, Comoros, Uganda, Malawi and Rwanda.
Offline outlets: As of 2023, it has about 260 branches, including 13 mobile outlets and 37 post office extension counters.
ATM Distribution: Operating 558 ATMs, with a further 18 deposit ATMs, as well as more than 6,000 POS terminals and about 20,000 agents (Fahari Huduma), covering the entire territory of Tanzania, providing a wide range of financial service access points.
Regulation & Compliance
Regulator: CRDB Bank is regulated by the Bank of Tanzania and complies with the Banking and Financial Institutions Act (Cap 342) and the Capital Markets and Securities Act (Cap 79).
Deposit Insurance: Deposit insurance in Tanzania is administered by the Deposit Insurance Board (DIB) of Tanzania, in which CRDB Bank participates to protect the safety of customers' deposits.
Recent Compliance Record: CRDB Bank has a strong compliance performance and in August 2016 was assigned a "B1 Stable Outlook" rating by Moody's Ratings, recognizing its consistent performance in both local and foreign currency deposit ratings and underlying credit assessments. No recent major compliance issues have been reported.
Financial health
Capital adequacy ratio: specific data not disclosed, but CRDB Bank In 2023, total assets amounted to 13.264 trillion Tanzanian shillings (approximately US$5.254 billion) and shareholders' equity amounted to 1.774 trillion Tanzanian shillings (approximately US$705 million), indicating a solid capital base.
Non-performing loan ratio (NPA): The specific non-performing loan ratio is not disclosed, but the bank's loan portfolio reached 8.5 trillion Tanzanian shillings (about 5.46 billion US dollars), indicating that it has strong credit management capabilities, and its after-tax profit in 2023 was 424 billion Tanzanian shillings (about 164.86 million US dollars), reflecting stable asset quality.
Liquidity Coverage Ratio (LCR): No specific LCR data is available, but CRDB Bank's customer deposits amounted to 8.9 trillion Tanzanian shillings (approximately US$5.46 billion), indicating ample liquidity to support its operations and expansion.
Summary: As the largest commercial bank in Tanzania, CRDB Bank has stable financial indicators, leading the region in terms of asset size and profitability, and is suitable for customers looking for stable financial services.
Deposit & Loan ProductsDeposit
Class:
Fixed deposit interest rate: The specific interest rate varies depending on the term and amount, and the latest data needs to be checked through the official website or outlets, and usually offers competitive annualized interest rates, suitable for long-term savers.
High-yield savings accounts, such as Bidii, Hodari and Niamoja accounts, offer flexible access and high-yield options for different customer segments.
Large Certificate of Deposit (CD): Provide a fixed deposit account, suitable for long-term investment of large funds, and the specific income needs to consult the bank.
A variety of account types are available, including Current Account, Fixed Deposit Account, Malkia Account (designed for women), Junior Jumbo Account (Savings for Kids), Young Money Teens, Salary Account, and more.
Loans:
Mortgages: Loans for home purchases and construction, with interest rates adjusted based on market conditions and loan terms, and thresholds typically include stable income and credit assessments.
Car loans: Asset-backed loans, suitable for car purchases, with competitive interest rates, please refer to the latest policies of banks.
Personal Line of Credit: Personal loans and payroll advance loans are available for short-term funding needs, with a simple approval process and interest rates that vary depending on your credit score.
Flexible repayment options: CRDB Bank supports customized repayment plans, and some loan products allow early repayment or adjustment of repayment period, and the specific terms need to be negotiated with the bank.
list of common expensesAccount
management fee: Depending on the account type, some accounts (such as student or youth accounts) can be exempted from monthly/annual fees, please check the official website or consult the outlets.
Transfer fee:
Domestic transfers: Usually free or low fees via SimBanking or online banking, but a small fee may apply for over-the-counter transfers (approximately 1,000-5,000 Tanzanian shillings).
Cross-border transfers: fees are higher, depending on the amount and destination, usually through the SWIFT system, it is recommended to check the specific rate.
Overdraft fees: Depending on the account type and overdraft amount, they are usually calculated on a daily basis, and it is recommended to avoid frequent overdrafts to reduce costs.
ATM Interbank Withdrawal Fee: Interbank ATM withdrawals may be charged a fee of 500-2000 Tanzanian shillings, which is free of charge at CRDB's own ATM.
Hidden Fee Alert: Be aware of minimum balance requirements (some accounts require a minimum deposit to waive administration fees), as well as foreign exchange conversion fees that may be involved in cross-border transactions.
digital service experience
APP and online banking:
Core features: Support facial recognition login, real-time transfers, bill payments, account management, investment tools (such as government bond purchases), and foreign exchange trading.
Technological innovation:AI Customer Service: Provides basic automated customer support and handles common issues such as balance inquiries and transaction status.
Robo-advisors: We do not provide comprehensive robo-advisor services yet, but we support the selection of investment products through online banking and mobile banking.
Open Banking API: Open banking API is not explicitly supported, but its digital platform is seamlessly integrated with third-party payment systems (such as POS terminals), demonstrating a certain degree of technical openness.
CRDB Bank's SimBanking app and online banking platform are well-received and provide convenient mobile financial services. App Store and Google Play ratings data are not publicly available, but users report a user-friendly interface and smooth operation.
Customer Service Quality
Service Channel:
24/7 Phone Support: via Call Center (+ 255 762 486 257, etc.).
Live chat: Live chat is available on the official website and SimBanking app, and the response time is usually fast (in minutes).
Social media: Respond quickly through LinkedIn, Twitter, and other channels, with an average response time of about 1-2 hours.
Complaint handling: CRDB Bank has a special complaint handling mechanism, customers can submit feedback through the official website, telephone or third-party platforms, and the average resolution time is about 1-3 working days, with high satisfaction.
Multi-language support: Mainly available in Kiswahili and English, with limited support in French at some locations, suitable for Burundian and Congolese customers.
Security MeasuresFunds
Safety: Participate in the Tanzania Deposit Insurance Program, the specific amount is subject to DIB regulations. Banks employ real-time transaction monitoring and anti-fraud technology to ensure the safety of funds.
Data Security: ISO 27001 certification is not explicitly mentioned, but CRDB Bank emphasizes data protection, employing encryption techniques and security protocols. No recent major data breaches have been reported.
Featured Services & Differentiation
Segments:
student accounts: e.g. Young Money Teens and Scholar accounts, exempt from some fees, are suitable for student groups.
Exclusive financial management for the elderly: Pension account is provided, which is designed for retirees, with stable income and easy operation.
Green financial products: CRDB Bank actively responds to climate change by supporting low-emission and climate-adaptation projects through the United Nations Framework Convention, and providing green loans and investment products in cooperation with the Green Climate Fund.
High-net-worth services: Simba Platinum Card and private banking services are provided, customized financial solutions, and the threshold is usually high-net-worth customers (the specific amount needs to consult the bank).
Market Position & AccoladesIndustry
Ranking: CRDB Bank is the largest commercial bank in Tanzania, In 2023, the total assets will reach 13.264 trillion Tanzanian shillings (about 5.254 billion US dollars), which is a leading position in East Africa.
Awards: In October 2023, CRDB Bank was awarded the "Best Local Monetary Financial Institution Bond Deal of the Year" award by GFC Media Group for its Tanzanian shilling 171.4 billion bond issuance.
