Help with coops bank plan, Speaker asks CRDB Bank

21May 2022
Correspondent
Arusha
The Guardian
Help with coops bank plan, Speaker asks CRDB Bank

​​​​​​​ASSISTING the government in its plans to establish a bank for cooperatives is among key issues that

The National Assembly Speaker Dr Tulia Ackson (C) receives a gift from CRDB Bank Plc Board Chairperson Dr Ally Laay (3rd R) assisted by the bank’s Managing Director Abdulmajid Nsekela (2nd R) and the Vice Board Chairperson Prof Neema Mori (R) shortly before opening the CRDB Shareholders seminar at Arusha International Conference Centre (AICC) yesterday ahead to the bank 27th AGM scheduled to take place today. Photo: Guardian Correspondent

National Assembly Speaker Dr Tulia Ackson is appealing to the CRDB Bank to examine.

Addressing a shareholders’ seminar ahead of the bank’s annual general meeting slated for Sunday at the Arusha International Conference Centre (AICC), the parliamentary leader applauded the bank for its lending in agriculture, its participation in the stock market (DSE) as a listed bank.

CRDB Bank has so far managed to support two community banks, namely Tandahimba Community Bank and the Kilimanjaro Cooperative Bank by enhancing their financial capacities to serve farming activities in their respective areas, she said, urging the bank to extend financing to youths to stimulate gainful occupations.

The scheduled meeting will be graced by Finance and Planning minister Dr Mwigulu Nchemba, while Dr Tulia was overly enthusiastic with CRDB Bank record of strong financial performances and regular dividend payments to shareholders.

Profit after tax attained by the bank, at 268.2bn/- last year from 165bn/- in 2020 “is testimony that this bank is exceptional and this has never been recorded by any bank in Tanzania,” she asserted, underlining that the bank has the capacity to maintain its position, saying it is a model for other public firms.

The proposal by the board of directors to increase dividends payment by 64 per cent will make shareholders proud, she stated, acknowledging the work CRDB Bank was doing in delivering financial literacy to the wider public.

Ally Laay, the board chairman, said 80 per cent of the bank’s ownership is in the hands of Tanzanians, taking note of government ownership of 36 per cent, rooting for greater presence of local people in the share distribution “to share the benefits generated from bank operation, via dividends.”

Managing director Abdulmajid Nsekela said the seminar would enhance financial literacy among the shareholders, to understand the importance of investing in the bank. “Increased investment will boost their incomes, and we also sensitize them to convince other Tanzanians to join them in investing with the bank,” he stated.

Shareholders who will not make it to Arusha for the AGM can do so virtually through its simbanking app from nine in the morning, he advised, noting that the meeting is .convened to comply with provisions of the Companies Act, no 212 in its 2020 edition.

The bank has availed opportunities to shareholders to discuss issues concerning the bank in which they are investing, as well as examining different decisions of the board and management, he said.

The meeting shall conduct an election of board members, receive and discuss the annual report by the  board of directors, receive statements of audited financial accounts ad approve of the dividends payment for this year.

At the stock market, CRDB Bank share prices rose to 430/- on Thursday from 385/- recorded during the close of last week’s trading session on Friday.

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