CRDB Bank secures $120m to back East Africa’s entrepreneurs

CRDB Bank, one of the renowned financial services groups, led by Tanzanian banker Abdulmajid Nsekela, has sealed three international financing deals totaling more than $120 million to extend credit to women and youth entrepreneurs, scale small and medium-sized businesses, and fund affordable housing projects in East and Central Africa.

The agreements, concluded during the World Bank and IMF Annual Meetings in Washington, D.C., stand among the largest in the bank’s 30-year history amid CRDB’s growing weight in regional development and its push to expand financial access in Tanzania, Burundi, and the Democratic Republic of Congo.

Building global partnerships: FinDev Canada, DEG, and Shelter Afrique

At an investors’ forum held alongside the meetings, CRDB signed three separate partnerships with global development financiers. FinDev Canada, the Canadian government’s investment arm, committed $60 million to back women- and youth-led enterprises while supporting projects in green innovation and climate adaptation.

Germany’s DEG, a subsidiary of KfW Group, added $50 million to help small and mid-sized companies expand operations and create jobs. Shelter Afrique Development Bank joined in with a $10 million facility to support low-cost housing in the DRC, aimed at narrowing the country’s housing deficit and supporting the local building sector.

In total, the deals, valued at more than Tsh300 billion ($120 million), reflect the confidence of foreign investors in Tanzania’s banking sector and CRDB’s track record in managing cross-border partnerships.

Supporting women, youth, and climate resilience

The partnership with FinDev Canada focuses on groups often left out of traditional banking, particularly women entrepreneurs. “By working with institutions like FinDev Canada, we’re creating space for more women and youth-led businesses to thrive,” said CRDB’s Group Chief Executive Officer, Abdulmajid Nsekela. “Every dollar invested should translate into real outcomes, more jobs, more entrepreneurs, and stronger communities.”

Beyond entrepreneurship, the funds will channel into projects in renewable energy, sustainable agriculture, and other ventures designed to help communities adapt to climate change.

A 30-year story of growth and transformation

Founded in 1996 and headquartered in Dar es Salaam, CRDB has evolved from a domestic retail bank into one of East Africa’s most influential financial institutions. Since Nsekela took the helm in 2018, the group has leaned into digital banking, sustainability, and inclusion as its key growth drivers.

Listed on the Dar es Salaam Stock Exchange since 2009, the bank now holds assets exceeding $5 billion and operates in Tanzania, Burundi, and the Democratic Republic of Congo. In 2022, it became the first Tanzanian bank to issue a green bond, raising $10 million for renewable energy and sustainable farming projects. 

As it marks its 30th anniversary, the bank’s latest funding round reinforces a simple goal, using finance as a force for opportunity. By connecting global capital to local ambition, CRDB is helping bridge Africa’s persistent funding gap, one community at a time.