CRDB CEO is one of 50 Africa's most reputable bank executives

17Sep 2021
By Guardian Reporter
Dar es Salaam
The Guardian
CRDB CEO is one of 50 Africa's most reputable bank executives

​​​​​​​CRDB Bank Plc’s CEO Abdulmajid Nsekela has been named as one of the most reputable chief executives in the industry in Africa by ‘Reputation Poll International’ for 2021.

​​​​​​​CRDB Bank Plc’s CEO Abdulmajid Nsekela.

Nsekela joins a list of 49 other African banks CEOs who are on this year’s list, which includes chief executives who have, through investment in technological innovation, negotiated the Covid-19 situation to perform well.

In a statement, the US based polling agency said innovation can be observed in the African banking sector since last year when the Covid-19 pandemic struck the continent. Over the past decade, the dampening profitability has led to unprecedented innovation being stirred up from first-time customer channels, automation and new back-office technologies.

This is the second time this year that Nsekela’s leadership is recognised internationally, after being conferred with a Hall of Fame award by the African Leadership Magazine for his outstanding business leadership.

It said the most recent crisis the world witnessed was the Covid-19 pandemic, which struck a blow to the banking industry across the globe; with African banks seeing a decline in average returns on equity (ROE) from 14 per cent in 2019, to 7pc in 2020, on the basis of a survey by McKinsley Inc., 2021.

But CRDB under Nsekela has remained strong with gross profit increasing by 35 percent to 236bn/- last year compared to 175bn/-it created in 2019. The bank continued its stellar performance during the first half of this year with profit increasing by 26 percent to 88.6bn/- from 70.4bn/- during the corresponding period last year.

In 2018 when Nsekela took over as CRDB chief executive, the bank embarked on digital transformation journey to drive financial inclusion which has resulted to an impressive 87 percent increase in profit to 120bn/- in 2019 compared to 64.2bn/- in 2018.

The agency, a leading global reputation chronometer, said it finds it necessary to recognize the banking sector as it plays a major role in society, connecting people, linking up businesses and influencing the economy in numerous ways.

As part of its annual ranking; the executive appraisal of reputable individuals from all works of life, after extensive research on various playmakers (the CEOs) in the African banking sector, the agency selected 50 individuals as the most reputable bank CEOs in Africa at present - whom it listed accordingly.

They are those who have built and played an imperative role in revolutionizing the banking sector based on excellence, integrity, reliability, expertise, technology and ease of credit, it said, noting further that they have helped their banks attain great heights of performance.

Commenting on the recognition, Nsekela said he is humbled to be on the prestigious list which includes CEOs of leading Africa banks. “This award does not belong to me but to all CRDB staff members, management and the board because it’s a result of our team work,” he stated.

He pointed out that despite the COVID-19 disruption CRDB has continued to deliver a strong balance sheet underlined by strong growth in both net interest and non-funded incomes. “We recovered in areas that had exhibited weakness in the course of the year, thanks to an adaptive strategy and timely interventions,” the CEO declared.

Heavy investment in innovation has witnessed more than 80 percent of transactions being done outside of bank branches countrywide, enhancing financial inclusion as per the government’s agenda, he further noted.

“We have accelerated our digital transformation project to ensure that we serve our customers effectively while also observing health guidelines,” he stated, elaborating that the bank’s focus is to drive usage of our digital channels such as simbanking, internet banking as well as agents.

This will reduce the need for our customers to visit our branches, he emphasised.

Under Nsekela CRDB has increased its corporate social investments through projects such as the ‘Beautify Tanzania’ campaign launched earlier this year. Under the campaign, the bank plans to plant 1.5m trees countrywide.

The bank has shown commitment to give back to the community, as through initiatives such as the CRDB Marathon which this year raised half a billion shillings to be used in the treatment of children at the Jakaya Kikwete Cardiac Institute in Dar es Salaam.

The funds will also be injected in the construction of a modern call center at the Ocean Road Cancer Institute, he added.

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