12 November 2012

Tanzania: NMB Gets New Board of Directors Chairman

A SEASONED economist and academic, Professor Joseph Semboja, has been elected Chairman of the Board of Directors of the National Microfinance Bank (NMB), effective November 5, this year.

Prof. Semboja takes over from Mr Misheck Ngatunga who retired in May, this year. "Prof. Semboja is an acknowledged leader in the field of development economics, with extensive research experience in the areas of growth and poverty reduction in sub-Sahara Africa.

"He is widely known for his contribution in institutional development and promotion of research and capacity for policy development and implementation," NMB said in a statement issued in Dar es Salaam yesterday. NMB said in the statement that Prof. Semboja brings to the bank an extensive network of individuals and institutions operating in differing environments both nationally and internationally.

Prof. Semboja holds a B.A and M.A degrees from the University of Dar es Salaam (UDSM); M.Sc and Ph.D. from the University of Illinois, Urbana-Champaign in the United States. He taught economics at UDSM, headed a highly regarded think tank, Research on Poverty Alleviation (REPOA) and now heads a leadership capacity building organisation, Institute of African Leadership for Sustainable Development (UONGOZI Institute).

The Management and staff of NMB welcomed the appointment of Prof. Semboja, describing him as: "A highly competent and seasoned board member who will bring value and contribute towards achieving NMB vision of becoming the preferred financial partner in Tanzania."

NMB is the leading retail bank in Tanzania, with 1.7 million customers, 143 branches and 2,800 employees. The bank has a fully-fledged mix of lending, transactional, savings and treasury solutions for its retail, wholesale and government customers.

NMB pioneered mobile banking in Tanzania with 700,000 registered users and is the largest debit card issuer with over 1.2 million cards in circulation, and close to 500 ATMs. NMB is listed on the Dar es Salaam Stock Exchange (DSE).

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