Dar es Salaam. NMB Bank PLC yesterday launched a not-for-profit foundation that will serve as the social arm of the Bank to strengthen its Corporate Social Investment (CSI) efforts in communities across Tanzania.
The unveiling of NMB Foundation yesterday in Dar es Salaam that went hand in hand with inauguration of the NMB Nuru Yangu Scholarship and Mentorship Programme which seeks to maximise the lender’s positive impact on society and further national philanthropic causes.
The bank’s chief executive, Ms Ruth Zaipuna, said the NMB Foundation, whose launch was graced by Prime Minister Kassim Majaliwa, seeks to champion socioeconomic prosperity for low-income people in Tanzania.
For the past ten years, the bank has been setting aside one percent of its profit after tax to give back to the community.
“With the launch of the NMB Foundation, the Bank plans to enhance its focus through strategic partnerships with reputable companies by increasing the depth and breadth of CSI strategy in order to make a positive impact to the communities where the bank operates,” noted Ms Zaipuna.
She said with the launch of NMB Foundation, the Bank will scale up its support for communities in Tanzania and make an even greater impact in addressing the nation’s evolving community needs.
The long-term plan for NMB Foundation, noted Ms Zaipuna, will focus on implementing key programs in collaboration with reputable strategic partners who have strong track record in supporting the Tanzanian government to achieve the goals of the National Development Vision 2025.
The bank’s Nuru Yangu Scholarship and Mentorship Program aims at giving underprivileged students access to education thus gaining equal opportunity to become future leaders and innovators.
The Scholarship program shall offer comprehensive Education support to recipient students for their A- level and University level studies.
For the year 2021/ 2022, some 200 students will receive full scholarships from NMB Nuru Yangu Program.
Out of the number, 50 will be university students while 150 will be advanced level students.
Mr Majaliwa commended the NMB Bank for always being instrumental in community giving and called other institutions and individuals to follow suit.
“This initiative has full support of the government since it will complement our efforts to give access to quality education while also providing an alternative education financing,” he said.