20 April 2017

Tanzania: NMB Opens Centre for Three Regions

Kahama — National Microfinance Bank (NMB) yesterday opened a business centre here.

The aim is to bring services closer to micro, small and medium enterprises (MSMEs) in Shinyanga, Tabora and Kigoma.

The move is part of the bank's initiative to boost MSMEs.

Similar centres have been opened in Dodoma, Dar es Salaam Arusha, Mbeya, Morogoro, Kilimanjaro, Mtwara and Mwanza in the past three months.

NMB managing director Ineke Bussemaker said the inauguration of the Kahama centre was in response to the growing demand of the business community to have tailor-made products close to them.

Shinyanga Regional Commissioner Zainab Taleck urged customers to use the centre for their development. With 2 million customers, over 175 branches and over 600 automated teller machines, NMB has a footprint in more than 95 per cent of Tanzania's districts.

NMB is listed at the Dar es Salaam Stock Exchange. NMB's largest shareholders are its strategic partners Rabobank with a 34.9 per cent share and the Tanzania government with a 31.9 per cent share.

It was established in 1997, following the break-up of the old National Bank of Commerce, by an act of parliament.Three new entities were created at the time: NBC Holding Limited, National Bank of Commerce (1997) Limited and National Microfinance Bank .

Initially, NMB provided payment services as well as offered savings account, with limited lending capabilities. In 2005, the government privatised the bank when it sold part of its shareholding (49 per cent) to a consortium led by Rabobank Group. There was further divestiture in 2008.


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