NMB Bank consolidates its position in the Tanzanian market, opens 227th branch

NMB Bank has consolidated its market outreach top position by extending the branch network to 227 outlets across Tanzania following the opening of the NMB Buhongwa Branch in Mwanza Region.

Deputy Governor of the Bank of Tanzania – Sauda Msemo (Third left) cutting a robbon to signify the official opening of the new NMB Buhongwa Branch in Nyamagana District, Mwanza Region on Wednesday making the 13th NMB branch in Mwanza and 227th in the country. Looking on are Filbert Mponzi the NMB Bank’s Chief Retail Banking (4th Left), Nyamagana District Commisioner – Amina Makilagi (Second Left), Nyamagana Member of Parliament – Stanslaus Mabula (left), Mwanza City Mayor Sima Costantine (second right) and the NMB Bank’s Lake Zone Manager Baraka Ladislaus. Photo by our photoghrapher

The top lender said the investment will help it to better serve the local residents and boost the bank’s contribution in national building efforts such as enabling the government to collect revenue through its digital channels.

Speaking before the official launch of the new branch in Nyamagana District, Retail Banking Chief Filbert Mponzi said between 2019 and 2021, the bank helped the government to collect revenues amounting to TZS 8.6 trillion.

Elaborating NMB support to the government’s development efforts, Mr Mponzi said the Government e-Payment Gateway (GePG) now comprises over 1,100 public institutions connected to the bank’s revenue collection platforms.

He noted that apart from the country’s most extensive branch network, NMB also serves its customers and the whole country through over 14,600 agents and about 800 ATMs.

“These and other achievements are a result of our strong partnership with the government, which is a major stakeholder in our bank, as well as our customers who today are witnesses to the launch of the NMB Buhongwa Branch,” the consumer banking expert said noting that NMB will continue working closely with all its partners and stakeholders.

According to him, the new outlet which is NMB’s 13th in Mwanza and the 38th in the Lake Zone, is a fully fledged branch that will offer all banking services, including lending by providing agricultural loans at a price of nine per cent of the credit.

In support of the government’s endeavour to transform farming in the country, Mr Mponzi said NMB has already extended TZS 100 billion agricultural loans at less than 10 per cent interest. The bank has extended the farming loans kitty with an additional TZS 100 billion that will be loaned at a reduced interest rate of nine per cent, he noted.

“The NMB Buhongwa Branch is a fully-fledged outlet that offers all banking services such as transactional services, loans, consultation, accounts opening, foreign exchange services, insurance as well as business and financial advice,” Mr Mponzi said noting that it was an opportunity for the locals and other people to use the bank for their progress and national development.

The official launching of the branch was graced by the Deputy Governor of the Bank of Tanzania (BoT), Ms Sauda Msemo, who said NMB was a strategic partner of the government in implementing development projects and providing social services.

Apart from commending the lender for its agro-finance support, she thanked it for donating 262 iron sheets worth TZS 10 million to Buhongwa Secondary School.

Speaking at the event, Nyamagana District Commissioner Amina Makilagi, Mwanza City Mayor Constantine Sima and Nyamagana MP Stanslaus Mabula urged Mwanza residents to take advantage of the banking and financial services provided by NMB for their wellbeing and development of the country.