CRDB bank sets its sights on EAC untapped market

By Lusekelo Philemon

 

CRDB managing director, Dr Charles Kimei

The CRDB bank is set to expand its banking services in the East African countries, in an effort to exploit the untapped regional market.

CRDB managing director, Dr Charles Kimei revealed this here over the weekend when speaking at the one-day seminar which involved more than 100 shareholders of the bank.

He said that the bank’s idea is meant to empower East Africans economically and use the bank as a ladder to prosperity.

If the mission will be fulfilled, CRDB bank will be the first Tanzanian bank to explore the untapped potentials available in the EAC. In another development, Dr Kimei stated that the Dar es Salaam Stock Exchange has not been well exploited by Tanzanians due to the limited number of brokers in the newly established capital market.

He cited other factors as limited knowledge on the significance of the Dar bourse to boost the country’s economic prosperity.

“After realising that we have already embarked on a programme to educate our shareholders on the significance of the DSE market, of which if well utilised it will help to transform people’s lives,” he told the fully packed gathering.

He added: “The only thing people know, is for them to buy shares…but in reality there are more than that.”

Dr Kimei explained that his bank uses special brokers in selling and buying shares contrary to the previous system whereby a shareholder was forced to buy shares in the bank’s branch or through the DSE of which the bank is a member since 2009.

“Currently, there are limited number of brokers enabling people to participate in the bourse market, because we have learnt there are over 200,000 Tanzanians who have shares at the DSE, which is a very small number. That is why we deployed special brokers who will be providing services in all of our branches across the country,” he said.

The bank’s senior official noted that there are many areas which have no such services, hence the new initiative to enable the bank’s customers easily buy and sell their shares.

He explained that there is a need for Tanzanians to understand issues related to shares and its technicalities.

One of the bank’s shareholders, Esterina Tarimo from Moshi municipality in Kilimanjaro region stressed the need for shareholders to understand the key issues related to shares.