NMB Bank’s gender bond christened ‘Jasiri Bond’ that moblised 74.3bn/- at the Dar es Salaam Stock Exchange (DSE) to support socio-economic empowerment of women and promote gender inclusion as of 30th June,2022 disbursed 30.7bn/- to women Micro, Small and Medium Enterprises (MSMEs) and those businesses whose products and services directly impact women.
According to the Jasiri Bond Disbursement Report issued by the Bank of Tanzania, the bond’s segment disbursement ratio was at 78:22 were 23.9bn/ were disbursed to Micro and Small Enterprises (MSEs) and 6.8bn/- disbursed to Small and Medium Enterprises (SMEs).
NMB Bank’s three-year bond – which was issued in February this year – was oversubscribed by 197 per cent when 74.26bn/- was raised against a target of Sh25 billion and a green shoe option of 15bn/-
Speaking during the listing of the Jasiri Bond at the Dar es Salaam Stock Exchange (DSE) a few onths back, the NMB Bank Chief Executive Officer (CEO) Ruth Zaipuna said by listing the bond on the DSE, investors who bought it during the primary market can sell it while those that could not manage to buy can easily do so via stock market brokers.
She said in line with the objective of issuing the bond, the oversubscription means that NMB Bank now has more money for extension of affordable financing for women-owned or women-controlled enterprises and/or businesses whose products or services directly impact a woman.
“The other interesting aspect is that 96 percent of the 1,630 investors bought the bond through our branches….The oversubscription demonstrates the trust that investors, both local and foreign, have over NMB’s operations and a vast opportunity to invest in the local capital markets,” she said.
She said investors in the NMB Jasiri Bond would earn an interest rate of 8.5 percent per annum payable quarterly throughout the three years, until March 2025.