CRDB Bank has issued loans totaling TZS 995.35 billion to Micro, Small, and Medium Enterprises (MSMEs) in the first five months of 2024, surpassing the total amount of TZS 906.166 billion disbursed throughout the entire previous year.
CRDB’s Chief Operation Officer, Bruce Mwile, highlighted the bank's commitment to supporting entrepreneurship due to its significant contribution to the GDP, accounting for 27 percent. He made these remarks during the celebration of International MSMEs Day, noting that the bank provided loans to 21,470 entrepreneurs from January to May, compared to 19,428 in the entire previous year across various sectors.
"SMEs play a critical role in the national economy, contributing to GDP growth and increasing government revenue through taxes," Mr. Mwile stated. "This sector enhances technology and efficiency in goods and services production, boosting the economy’s international competitiveness."
The United Nations recognizes entrepreneurs as pivotal in achieving the Sustainable Development Goals (SDGs), given their contribution to 90 percent of global businesses, 60 to 70 percent of decent jobs, and over half of global output. In Tanzania, more than 3 million small businesses provide income security to their owners.
"The entrepreneurial sector is a key driver of economic growth worldwide, fostering creativity, new businesses, employment, and individual and societal income," Mr. Mwile added.
The celebration at CRDB's headquarters in Dar es Salaam showcased the sectors benefiting from the loans, including agriculture, construction, housing, infrastructure, transportation, health, education, energy, mining, business, industry, and the blue economy.
Mr. Mwile also discussed the CRDB Bank Foundation’s Imbeju programme, which offers financial education to women and young entrepreneurs and provides seed capital starting at TZS 100,000. The programme has reached over 400,000 entrepreneurs and disbursed around TZS 10 billion in seed capital.
In line with the celebration, CRDB launched the 'CRDB Biashara Account,' designed specifically for small business owners aiming to develop their projects