By Arusha News Reporter
Vice-President, Dr Philip Mpango, has called on CRDB Bank and other financial institutions in Tanzania to step up their defences against cybercrime, warning dropping the guard risked institutional trust and credibility.
Speaking in Arusha during the opening of CRDB Bank’s Shareholders’ Seminar and the 30th Annual General Meeting (AGM) on May 16, 2025, Dr Mpango emphasised the need for financial institutions to invest in robust digital security frameworks amid the disruption of growing systems. The event also featured the launch of the upcoming CRDB Special Secondary School in Ilala, Dar es Salaam.
Citing the Cybercrime Magazine (February 2025 Edition), the Vice-President noted that global losses to cybercrime are projected to hit USD 10.5 trillion annually by 2025, up from USD 3 trillion in 2015. “This is a wake-up call. Our banks must be ready,” he said.
Mr Abdulmajid Nsekela.
Dr Mpango also praised CRDB Bank for being leaders in green finance initiatives and called for joint financial action to support climate action, including partnerships to close the environmental financing gap. “Under the TBA (Tanzania Bankers Association) framework, I hope CRDB will continue to lead,” he said.
CRDB Bank Managing Director, Mr Abdulmajid Nsekela, highlighted the bank’s three-decade journey, built on digital innovation and inclusive growth. From just 19 branches in 1996, CRDB Bank now boasts over 260 branches nationwide, supported by deep investments in ICT technologies.
Board Chairperson, Dr Ally Laay, said CRDB Bank’s strategic vision has ensured strong and sustainable financial growth. “Today, CRDB Bank shares trade at Sh 890 a share, up from Sh 115 in 2010 – a 674 per cent increase since our 2009 listing,” he noted.
