By Alfred Zacharia
As Tanzania's financial sector embraces digital innovation, Vice President Dr. Philip Mpango has urged regulatory bodies to urgently review and reinforce legal and policy frameworks to safeguard national resources from growing global financial risks.
His message, delivered today during the 30th anniversary celebrations of CRDB Bank at the Arusha International Conference Centre (AICC), underscored the increasing complexity of the financial ecosystem in the face of rising technological integration.
“The use of technology is eliminating geographical boundaries, connecting global financial services,” Dr. Mpango said.
It is important, according to him, to have proper risk management and adherence to international financial standards.
His statement reflects a growing concern that while digital transformation enhances financial inclusion and service delivery, it also exposes financial institutions to cyber threats and compliance challenges.
This dual reality demands a more agile and robust regulatory response from institutions such as the Bank of Tanzania and the Tanzania Bankers Association (TBA).
Dr. Mpango’s call to action comes at a time when Tanzania, like many African nations, is experiencing rapid growth in fintech.
The number of digital financial service providers is increasing, offering mobile banking, mobile money, and online transactions.
However, this expansion has been accompanied by sophisticated cyberattacks and fraud cases targeting banks and consumers alike.
“CRDB Bank must protect itself and its customers from cybercrime,” he warned.
This is important to maintain trust and the bank’s good image.
Cybersecurity, therefore, emerges not only as a technical issue but also as a matter of national economic security.
For CRDB Bank and its peers, investing in data protection systems and real-time fraud detection tools is no longer optional—it is essential for survival and sustained customer trust.
At the same time, the Vice President emphasized the potential of technology to drive financial inclusion.
He noted that investing in digital infrastructure could help reduce operational costs and extend services to underserved populations in rural areas.
“Using technology will help banks reach more people, especially those in rural areas. It will also reduce operating costs and allow more low-income citizens to access banking services,” he said.
This aligns with Tanzania’s broader development goals, particularly those set out in the National Financial Inclusion Framework (2023–2028), which aims to deepen access to formal financial services for marginalized groups.
Dr. Mpango also shifted attention to environmental sustainability, urging financial institutions to collaborate on climate financing initiatives.
With Tanzania facing significant climate challenges, from droughts to floods, the Vice President highlighted the need for banks to take part in financing green projects.
“Banks should work together on large projects that support environmental protection. This will help raise more funds to close the gap in climate financing,” he said.
This environmental call fits with global trends, where financial institutions are increasingly being judged not just by their profits, but also by their contributions to sustainability through ESG (Environmental, Social, and Governance) principles.
The Vice President reaffirmed the government's commitment to developing a strong, inclusive financial sector.
He cited a number of strategic reforms, including the Banking and Financial Institutions Act, the Microfinance Act of 2018, and several national policy documents such as the Financial Sector Development Master Plan (2020/21–2029/30).
“These policies are designed to lay a strong legal and institutional foundation for the financial sector,” he noted.
Education Minister Prof. Adolf Mkenda added another layer to the celebration by announcing CRDB Bank’s plan to build a model secondary school in Ilala District, Dar es Salaam, a gesture he described as “a special gift from the bank to the community.”
He noted, “The school’s quality teaching infrastructure will serve as a guide for other public and private schools.”
The minister also promised continued collaboration with CRDB Bank to advance educational development.
The event was also a moment of reflection for CRDB Bank’s leadership. Dr. Ally Laay, Chairman of the Board of Directors, thanked stakeholders for their continued trust and support over the past three decades.
“The bank has made great progress and plans to reach even higher levels in the future,” said Dr. Laay.
CRDB Bank, according tom, will continue to be a key partner in national development.
Chief Executive Officer Abdulmajid Nsekela used the platform to highlight CRDB’s transformation from a small financial entity into a regional banking powerhouse.
He emphasized the bank’s role in pioneering services tailored to underserved groups, especially women and youth in the informal sector.
“We are proud to lead in implementing environmental, social, and governance (ESG) policies,” said Nsekela.
He also recalled a milestone moment when, in 2019, CRDB Bank became the first in East and Central Africa to be accredited by the Green Climate Fund (GCF).
This recognition allowed the bank to manage projects worth over $200 million.
The 30th anniversary of CRDB Bank served not just as a celebration but as a strategic platform to outline the challenges and opportunities ahead.
The speeches signaled a consensus: that Tanzania’s financial sector must evolve quickly, embracing innovation while enhancing resilience.
From cybersecurity to sustainability and financial inclusion, the next chapter of Tanzanian banking will require a blend of bold investment, responsive regulation, and cross-sector collaboration. CRDB Bank’s journey, as illustrated in the event, offers both a case study and a call to action for the wider financial community.