R.B
JF-Expert Member
- May 10, 2012
- 6,296
- 2,575
A PROMINENT international business and finance magazine, Euromoney has named the National Microfinance Bank PLC (NMB) "the Best Bank in Tanzania for 2013." A statement issued in Dar es Salaam yesterday noted that the bank was named at the 2013 Euro money Awards for Excellence Dinner in London last month. "In the year 2012, NMB has made notable progress by providing transactional, savings and investment, and lending solutions to the growing customer base in wholesale, MSME (micro, small and medium enterprise), food and agriculture, government and personal banking segments nationwide," reads the statement.
It noted that another criterion include the fact that NMB branch network of 150 branches continues to be the dominant network among banks in Tanzania, fulfilling a key role in empowering local communities, and thus having economic impact.
The bank is said to do better specially in those previously unbanked communities and districts. "Currently, NMB has over 1.8 million customers, which means that up to 40 per cent of all Tanzanians who have a bank account are banking with NMB," the statement further reads.
Data have it that in 2012, NMB had over 1.7 million ATM cards activated and the growth of the customer base reached to over 1.8 million customers. The ATM network grew to over 500 ATM machines nationwide, and NMB mobile reached over 750,000 active accounts.
The bank also finances a rapidly growing SME segment with over 60,000 customers. In recognizing NMB for the award, Euromoney Editor, Clive Horwood highlighted, "by expanding its reach over time, NMB has become the second largest bank in Tanzania...NMB loans have risen by 19 per cent and deposits were up 27 per cent, well above the market averages of 14 per cent and 11 per cent growth respectively, and profit after tax for the bank has shown strong growth at 36 per cent."
Horwood said NMB remains relevant to its stakeholders in the long run, and to achieve its vision of becoming the preferred financial service partner in Tanzania, it must also deliver sufficient and sustainable results. He added that in the year 2012, the bank operated in a favourable economic growth at some 7 per cent per annum and the local financial markets evolving favourably, with headline inflation gradually reducing to 12 per cent.
The statement noted that "NMB is acknowledging the award with gratitude as we continue to recognize the huge developments the bank has gone through since its privatisation in 2005 in bringing affordable banking services to all Tanzanians".
It noted that another criterion include the fact that NMB branch network of 150 branches continues to be the dominant network among banks in Tanzania, fulfilling a key role in empowering local communities, and thus having economic impact.
The bank is said to do better specially in those previously unbanked communities and districts. "Currently, NMB has over 1.8 million customers, which means that up to 40 per cent of all Tanzanians who have a bank account are banking with NMB," the statement further reads.
Data have it that in 2012, NMB had over 1.7 million ATM cards activated and the growth of the customer base reached to over 1.8 million customers. The ATM network grew to over 500 ATM machines nationwide, and NMB mobile reached over 750,000 active accounts.
The bank also finances a rapidly growing SME segment with over 60,000 customers. In recognizing NMB for the award, Euromoney Editor, Clive Horwood highlighted, "by expanding its reach over time, NMB has become the second largest bank in Tanzania...NMB loans have risen by 19 per cent and deposits were up 27 per cent, well above the market averages of 14 per cent and 11 per cent growth respectively, and profit after tax for the bank has shown strong growth at 36 per cent."
Horwood said NMB remains relevant to its stakeholders in the long run, and to achieve its vision of becoming the preferred financial service partner in Tanzania, it must also deliver sufficient and sustainable results. He added that in the year 2012, the bank operated in a favourable economic growth at some 7 per cent per annum and the local financial markets evolving favourably, with headline inflation gradually reducing to 12 per cent.
The statement noted that "NMB is acknowledging the award with gratitude as we continue to recognize the huge developments the bank has gone through since its privatisation in 2005 in bringing affordable banking services to all Tanzanians".