BANK BOASTS 500 BILLION WAR CHEST TO FUND INDUSTRIALIZATION

NMB Bank has set aside over 500bn/- to support different initiatives aimed at supporting implementation of the government industrialization agenda recording an impressive move so far. The amount was set aside last year in support of Agriculture for a period of 5 years and is the second time the bank is setting aside a similar

NMB Staff in Photo with PM

Tanzanian Prime Minister Kassim Majaliwa speaks to NMB staff in Mwanza recently

NMB Bank has set aside over 500bn/- to support different initiatives aimed at supporting implementation of the government industrialization agenda recording an impressive move so far.

The amount was set aside last year in support of Agriculture for a period of 5 years and is the second time the bank is setting aside a similar amount, where in 2015, NMB set aside TZS 500bln (which was depleted by 2018) to support the sector.

Besides supporting industrialization, the bank has also expressed its commitment in serving Small and Medium Enterprises (SMEs) scattered in different Local Government Authorities (LGAs) across the country with more than 600bn/- revolving in their businesses as of today.

Briefing the Prime Minister of the United Republic of Tanzania – Kassim Majaliwa Kassim when he visited the NMB Booth shortly before the opening of the Association of Local Authorities of Tanzania (ALAT) 35th meeting yesterday, NMB Chief of Retail Business Filbert Mponzi said the bank targets to reach more SMEs with different financial solutions based on their specific needs.

“The Bank is keen to dish out more funding in almost all strategic economic areas such as SMEs and industrialization drive, with agricultural investments equally topping the list,” he said. Adding that so far, over 700bn/- has been invested in the sector with the bank already dishing out 40bn/- every month to different groups teaming up for small and medium scale agriculture countrywide.

The Prime minister applauded NMB bank for supporting the government in revenue collection which has started showing impressive results in the government especially local government.

“This is our bank, and we have to do business with our own bank, so it is through ourselves, in agriculture, you are doing good from cotton, cloves, cashew nuts and other strategic crops,” said Mr Majaliwa.

Voicing their support in recognizing NMB’s contribution, different ALAT members with the likes of District Executive Director for Njombe Mr Ally Juma Ally and his counterpart from Chato Mr Eliud Mwaiteleke were of the view that NMB financial services provision has various positive economic advantages.

Mr Haji said installed revenue collection systems through NMB have become beneficial to his local authority with this year targeting 130 percent collection, which is up from 80 to 90 per cent recorded in the past years.

He said as a result of improved payment systems other tickle down advantages could also be noted on different areas including better recovery of staff loans and levies.

On his side, Mr Mwaiteleke said the impact of financial services from the bank’s like NMB which leverage of wide branch network coverage were increasingly noticed citing the bank’s recent support of 30m/- for education and health sectors.

On the access of financial services in Chato District Council, the DED said over 115 villages are almost served with NMB agents stimulating economic development individually and collectively.

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