NMB Bank has debuted a new product christened ‘NMB Kwetu’ that seeks to tap more Tanzanians in the diaspora as part of bank’s commitment to accelerate the diaspora’s contribution to development of Tanzania’s economy.
The new product that comes with extra benefits including life insurance and investment opportunities compliments the Six Phase Government’s aggressive vision of increasing diaspora remittances.
Speaking during the ‘NMB Kwetu’ launch held in Dar es Salaam at the weekend, the NMB Bank Chief Executive Officer Ruth Zaipuna said launch of the services marks a new dawn in the history of the bank as the bank launches dedicated banking services and solutions for Tanzanians in the diaspora across the globe.
“NMB Kwetu is indeed a game-changer in the provision of dispora banking service as it comes with more benefits for Tanzanians in the diaspora. We have established an online system that enable users to open NMB Accounts with ease and at their own convenience. These accounts do not have monthly fee deductions,” Zaipuna.
Zaipuna noted that Tanzanians in the diaspora subscribed to the bank’s NMB Kwetu service will also be entitled to automatic life insurance of up to 29m/- that covers repatriation, funeral services, air ticket for the care-taker and permanent disability upon subscription.
“We will be partnering with Sanlam Insurance in providing this life insurance scheme to provide this life insurance cover and we believe our efforts will help find a lasting solution for people in the diaspora as it has been one of their outcries for years,” Zaipuna noted.
She said the lender in June last year partnered with two globally respected money transfer companies that include Tela Pay and Tunes to launch ‘Worldwide Pesa’ service after integrating its systems with the later that enabled Tanzanians in the diaspora to send money back home securely and conveniently from over 100 countries globally.
“This services has already recorded tremendous success. In just one year after integrating our systems without public announcements, 35,000 transactions worth 52bn/- have so far been recorded,” Zaipuna added.
Zaipuna noted that the bank will continue to cultivate more investment opportunities for Tanzanians in the diaspora as part of the bank’s strategy to ensure that acceleration of the diaspora’s contribution to the national economy.
“There are numerous opportunities currently available in the Tanzanian market that include real estate, treasury bills and bonds. On September 25 last month, NMB NMB Bank has issued a three-year sustainability bond christened “NMB Jamii Bond” which is expected to raise 75bn/- with a green shoe option of 25bn/- . I take this opportunity to encourage Tanzanians in the diaspora to grab the opportunity,” she added.
Earlier, the NMB Bank Chief of Retail Banking Filbert Mponzi during the event noted that the NMB Kwetu service will offer various financial solutions for Tanzanians in the diaspora.
“Our bank has for years now maintained its market leader position and this can be proved by a number of international awards that the bank has won in recent years. We have received 10 Euro Money Awards in the last 11 years. People in the diaspora should brace themselves for convenient services,” he added
On his part the Permanent Secretary for the Ministry of Foreign Affairs and East African Cooperation Ambassador Stephen Mbundi during the event said the Six Phase Government under the President Dr. Samia Suluhu Hassan is commitment to create a conducive environment for all Tanzanians in the diaspora globally.
Amb Mbundi noted that the contribution of Tanzanians in the diaspora in terms of remittance contributions has been growing over the years with the Bank of Tanzania (BoT) data showing that between January to December 2021, Tanzanians in the diaspora remitted more than $569.5 million.
He added that between January to December 2022, a total of $1.1 billion (equivalent 2.6trn/) were remitted by Tanzanians in the diaspora back home through formal channels while during the same year, Tanzanians in the diaspora invested $4.4 million in the country’s real estate sector from $2.3 million recorded in 2021.
Amba Mbundi commended the bank’s close cooperation with his ministry after the duo partnered last year to established the Diaspora Digital Hub (DDH) launched in May this year that among other things act as a database for all Tanzanians in the diaspora.
He encouraged the Tanzanians in the diaspora to continue registering themselves on the Diaspora Digital Hub adding that the system 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, National Identification Authority (NIDA) services and Registration Insolvency and Trusteeship Agency (RITA).
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