CRDB Managing Director, Dr Charles Kimei
Over 690bn/- loans were issued by CRDB Bank last year for agricultural projects.CRDB Bank Executive Director Dr Charles Kimei said this in Dar es Salaam on Thursday, when briefing reporters on the bank?s annual report 2011.
He said his bank would continue supporting the agricultural sector in the country because it was crucial but added that it would continue putting in place strategies of supervising the loans.
?It is difficult to conduct banking business without involving the sector of agriculture because we serve people from different classes,? Dr Kimei said.
He noted that out of 690.5bn/- disbursed as loans, 161.5b/- was for tobacco growers, 127bn/- for cotton, 120bn/- for coffee, 37bn/- for cashew nuts and 245b/- for other crops.
He, however, said there were some challenges like government intervention and fixing prices for agricultural crops without considering market forces.
?This has resulted in high prices and buyers have failed to get markets for the crops, thus the recipients have failed to repay their loans,? Dr Kimei explained.
He said another challenge was that the government prohibited export of crops outside the country, thus causing borrowers to fail to sell their crops and repay the loans timely.
Dr Kimei explained that his bank performed well last year as deposits reached 2.4trn/- out of which the bank used 1.4trn as loans and the remaining 1trn/- was used for other bank operations.
Meanwhile, Dr Kimei has warned CRDB customers not to disclose their electronic banking records.
He said there were people, who pretended to bank employees and demanded some information from the customers, such as code numbers of their ATM cards.
He said customers should be careful and keep their records secret because such people were thieves.
Dr Kimei further said his bank would continue improving its services to ensure they reached out to more customers.
By Lydia Shekighenda, The Guardian
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