NMB, Ministry of Foreign Affairs ink 100m/ deal to facilitate development of the ‘Diaspora Digital Hub’

NMB Bank PLC yesterday pledged 100m/- to Ministry of Foreign Affairs and East African Cooperation that seeks to finance the development of the Diaspora Digital Hub that will act as a database for all Tanzanians in the diaspora.

The two parties also signed a Memorandum of Understanding (MOU) to seal the new partnership signed between the the Director Diaspora Unit in the Ministry of Foreign Affairs and East African Cooperation Ambassador James Bwana and the NMB Chief Wholesale Banking Alfred Shao.

Speaking during the signing ceremony held in Dares Salaam yesterday, said Tanzanians in the diaspora have a big role to play in the country’s development process adding that the  bank will continue investing in systems to enable Tanzanians in the diaspora to stress-free banking products as part of its commitment to boost their remittance contribution.

“We have already partnered with the Government to develop various financial systems now applicable in the market and we are glad working with the Government on this new Diaspora Digital Hub. We today pledge to offer 100m/- to support development of the project and the system will be operational as soon as possible,” he said.

Shao noted that as part of its commitment to offer unique banking services, the bank has not only established a dedicated department for the diaspora but come up with a tailor-made system for Tanzanians in the diaspora

“This new will enable Tanzanians in the diaspora to get stress-free banking services without necessarily filling in many forms,” he said.

The Director Diaspora Unit in the Ministry of Foreign Affairs and East African Cooperation Ambassador James Bwana during the event said the Government has embarked on a number of strategies to boost the contribution of the Tanzanians in the diaspora to the country’s development.

Bwana said the hub will not only be useful in tracking all the necessary information for Tanzanians in the diaspora but will also be useful in linking them to various services back here in Tanzania like banking and finance services, NIDA services and will be able to know the available investment opportunities back home,

“The diaspora Digital Hub will help us come up with a national database of all Tanzanians in the diaspora, and it have all the relevant information such as their job descriptions, country of residence. This will help to include them in our development plans,” he said.

He added, “As Government, we understand that Tanzanians in the diaspora can play a pivotal role in the country’s development process. On this regard, the Government has established a special department in the Ministry of Foreign Affairs to handle diaspora issues,” he said.

According to statistics from the Ministry of Foreign Affairs, Tanzanians in the diaspora remitted $569.3 million back home last year being a 42 per cent increase in the value of value of diaspora remittances from $400 million that sent by Tanzanians living abroad to their homeland in 2020.