NMB steps up drive on business financing

Dar es Salaam. The National Microfinance Bank (NMB) yesterday officially launched its Trade Finance product to make more people aware of the five-year-old service.

The product offers working capital to traders to enable them to conduct transactions internationally. It encompasses financing for export, inventory, post-import proceeds as well as suppliers’ and distributors’ costs, NMB managing director Ineke Bussemaker said yesterday.

It offers mitigate trade risks-letters of credit, documentary collection and import bills confirmation to suppliers.

In addition to that it also offers bid, performance, advance payments and payment guarantees.

She called on businesses to use finance products to boost local and international trade.

The bank’s trade finance products target existing and potential customers across all segments from micro and small-scale enterprises to cooperate customers who require trade finance solutions to support their businesses,

“Trade finance will help NMB customers to manage risks inherent in international transactions, improve their liquidity and enable them to optimally invest to enhance their growth,” she noted. “With the country’s target of industrialisation, it is important for NMB to increasingly support the market through trade finance.”

The objective of NMB trade finance campaign is to raise awareness of the products and solutions as well as encouraging customers to use them for financing and risk mitigation of their day to day businesses.