VAST transformation of the core banking operations at the CRDB Bank’s Group is a strategic shift that demonstrates the maturity of the banking sector in Tanzania, the Bank of Tanzania (BoT) has declared.

Emmanuel Tutuba, the governor, issued this commendation at a press conference in Dar es Salaam yesterday, days after the international community praised CRDB Bank for its historic core banking transformation.

The governor congratulated CRDB Bank Group CEO Abdulmajid Nsekela, in talks between the bank and the central bank, attended by top managements of the two institutions, counting among pillars of the country’s financial system.

Other stakeholders had recently declared the transformation as a strategic shift improving service quality, strengthening transaction security and expanding the range of innovative services for customers.

Tully Mwambapa, the corporate affairs director and CRDB Bank Foundation managing director, said the recognition highlights financial sector stakeholders’ confidence in CRDB Bank, cementing the bank’s position as a leading institution in digital innovation and bold decision-making.

“No journey of transformation has ever been easy, and the same applied to us. During the transition some customers experienced short-term challenges, which is normal in major system upgrades. 

“Our team of experts has been working day and night to resolve such issues swiftly,” she stated, asserting that the bank’s services are back to normal, with the changes having laid a strong foundation for delivering services in Tanzania, Burundi, the DRC, Dubai.

“We are expanding there and in other markets we are entering,” she stated, relating operational transformation to the bank’s medium-term strategy (2023–2027), which places technological innovation at the core of the bank’s growth and the broader economy. 

The upgrade also demonstrates the bank’s resilience in managing major changes across three countries (Tanzania, Burundi, and the DRC) while maintaining uninterrupted services, something applauded by both local and international stakeholders, the bank said in a statement.

The group CEO was recently invited to participate in the U.S.–Africa Business Forum held on the margins of the 80th plenary session of the United Nations General Assembly (UNGA) in New York. 

Vice President Dr Philip Mpango officiated at the forum, where CRDB Bank’s core banking transformation was recognized as a model for Africa and beyond, with investors praising the bank for taking bold steps, a pioneering achievement in East Africa.

Major international media outlets, including Bloomberg, invited the CEO to profile the transformation exercise, in interviews providing an opportunity to showcase how CRDB Bank is using technology to enhance services, strengthen financial security and enable the growth of various economic sectors in the sub-region. 

This has positioned CRDB Bank among the few African banks noted for robust technology investments in global economic platforms, the director noted.

Elijah Mwandumbya, the Treasury deputy permanent secretary, said the upgrade is a demonstration of bold leadership and has boosted confidence in the country’s financial sector. Dr Nkundwe Mwasaga, the ICT Commission (ICTC) director general, described the move as a strategic shift that demonstrates Tanzania’s ability to implement major digital transformations effectively and safely.

Vodacom’s expert Nguvu Kamando noted that the upgrade places Tanzania on the global map as a leader in financial innovation, with the corporate affairs director underlining that transformation has opened doors for international collaborations.

This includes agreements signed on the sidelines of the UN annual meeting with the Global Crop Diversity Trust to strengthen food security through climate-smart agriculture, and with the Dubai International Financial Centre, to support small and medium-sized entrepreneurs. 

It also signed a technological cooperation agreement with Huawei, a leading Chinese technology firm, to enhance digital transformation, system security and the use of artificial intelligence (AI).

“This cooperation is strategic and will create major opportunities for smallholder farmers through climate-smart agricultural technologies, for businesses through more secure financial services, and for development sectors through digital and AI innovations. It is a step that boosts the competitiveness of our economy both regionally and globally,” she explained.

The new system has also strengthened the bank’s ability to provide world-class services to individual customers, businesses and corporations in Tanzania, Burundi and the DRC, while also creating a stable foundation for expansion into new markets worldwide.

“As you know, we recently obtained approval to open our office in Dubai, a step that reaffirms CRDB Bank’s position as a bridge between Africa and international markets. This is a strategic move to connect our customers with capital, technology and new opportunities available in global markets,” she stated.

Despite the international recognition, CRDB Bank seeks to keep improving services, investing in innovation and ensuring that every step taken brings positive transformation in the lives of its customers and drives economic growth, she asserted.

The system transformation is not only a demonstration of the bank’s boldness but also a sign of its strength and resilience in overcoming challenges and moving forward with confidence, the director added.