NMB Bank named best bank in Tanzania

Friday July 13 2018


By The Citizen Reporter @TheCitizenTZ news@tz.nationmedia.com

Dar es Salaam. NMB Bank’s focus on financial inclusion initiatives and digital banking services transformation have helped it win a coveted accolade.

Euromoney, an English monthly magazine, has named it as the best bank in Tanzania. This is the sixth year in a row that the NMB Bank wins the prestigious accolade.

“Our success is based on provision of financial education, transforming financial behaviour and expanding opportunities for people to use financial services. That’s exactly what NMB Bank has done. Their investment in technology solutions has enabled them to better address customer needs through products such as mobile banking, card solutions, light KYC (chap-chap) products and Agency Banking. This is so far unmatched,” Euromoney said in a statement that was availed to the media yesterday.

The statement says Euromoney has seen remarkable efforts towards financial inclusion taking place globally and these initiatives have been successfully implemented.

“The commitment NMB Bank has shown towards solving the challenge of the unbanked Tanzanians is a combination of continuous investment in digital banking, innovation and the ability to provide payment and collection solutions for key players. We highly acknowledge and applaud NMB Bank for this,” the statement reads.

Reacting to the honour, the NMB Bank Plc chief executive officer, Ms Ineke Bussemaker, said the recognition was a testimony to the bank’s resilient to last year’s economic headwinds.

She said NMB Bank has embarked on a digital transformation strategy to bring in technology-enabled products, processes and services to customers.

“We are witnessing the fruits of this journey to our customers and this award is a testament to it,” she said.

The use of technology, she said, has been instrumental to the bank’s achievement as it has enabled NMB to offer its customers alternative banking channels by deploying over 800 ATMs, over 6000 NMB Wakala (Agency Banking), Mobile and Internet Banking and its integration with Mobile Network Operators (MNOs). The MasterCard also enables NMB MasterCard cCardholders to pay at over 24 million locations worldwide and use over 1 million ATMs globally.

The awards were decided by the editors of Euromoney Magazine and the Best Bank award was picked up by the Managing Director Ineke Bussemaker at an awards ceremony in London on July 11th.

NMB was able to grow the total income by 5 per cent in 2017 amid challenging business environment from Sh614 billion in 2016 to Sh647 billion in 2017. The bank’s customer business remained strong and recorded a Profit after Tax of Sh95 billion.