Tanzania’s largest commercial bank CRDB Bank Plc On October 10 tapped former National Microfinance Bank (NMB) Head of Retail Banking Abdulmajid Mussa Nsekela, 47, as its new CEO and Managing Director.
Mr. Nsekela takes over from the retiring Dr. Charles Kimei who has been at the helm of the bank for more than two decades.
The incoming CEO holds an MBA in International Banking and Finance from the University of Birmingham (UK) as well as a Post Graduate Diploma in Business Administration, Management and Operations from the same university.
Speaking during a press briefing in Dar es Salaam Wednesday, CRDB Bank’s Chairman Mr. Ally Hussein Laay said Mr. Nsekela brings to the table a wealth of experience owing to his experience garnered from his previous post at NMB and past stints in international banking and finance training.
“We have found a dynamic individual, who has great passion for banking. We believe he is the right fit and what CRDB needs in these extremely competitive times. We are confident that our new CEO will deliver great results in the wake of Dr. Kimei’s exit from active corporate leadership,” said Mr. Laay.
The Chairman also assured that the bank is currently implementing a well thought out transition plan to ensure business continuity.
Nsekela’s appointment comes at a time when CRDB is implementing an aggressive business strategy in an attempt to grow revenue.
Dr. Kimei, who has opted for early retirement, has been at the helm of the bank since its establishment in 1996 and is credited with steering the bank from a fledgling financial institution to the reputable bank it is at the moment.
“Dr. Kimei’s invaluable contribution to this bank cannot be understated. He has devoted his life and skills to build a solid institution that is changing millions of lives across Tanzania and beyond,” said Mr. Laay.
In his maiden address to the media, Mr. Nsekela expressed excitement and optimism for his new role promising to continue his predecessor’s legacy.
“The banking industry today does not respect tradition, it only respects innovation. I strongly believe that this is a critical time for CRDB Bank to do more so as to thrive in this highly competitive environment,” said Mr. Nsekela.
Nsekela also fancies CRDB’s business prospects. He intimated that he will champion a renewed focus on digitization, optimizing business processes and achieving operational excellence as his key priority areas in the short term.