Tanzania: NMB Now Scoops Safest Bank Award

NMB Bank Plc has been awarded the Safest Bank in Tanzania Award for 2020 by Global Finance Magazine, which is an evidence of the bank's operational strength in a challenging and changeable market environment.

NMB Bank Chief Executive Officer, Ruth Zaipuna said: "We are honoured to be recognised as Tanzania's safest bank. We continue working tirelessly to make the bank deliver as expected. Global Finance is a leading global financial markets magazine based in New York, USA. "As uncertainty surrounds businesses, the post-Covid-19 pandemic still lingers on. This award is a testament of our stability, resilience and digital transformation capabilities in supporting employees, customers and the wider community to achieve financial success," she said.

Offering the award recently it stated that it was part of the annual rankings of the World's Safest Banks by country selected after an evaluation of long-term foreign currency ratings by Moody's, Standard & Poor's and Fitch investor services.

In addition to the total assets of 500 largest banks worldwide, it singled NMB Bank to have received the significant ranking over its peers in Tanzania.

The accolade comes a few months after NMB Bank was named the best bank in Tanzania for the 8th consecutive year by Euromoney, a leading global financial markets magazine based in London.

She further said the award underscored the importance of the bank in providing a secure banking experience for its customers and elevating its position in the global financial community in defining the future of banking.

Last year, the bank's financial performance was reported as 142bn/- profit after tax, a 46 per cent increase from 98bn/- recorded in the previous year, retaining its position as the most profitable bank for over a decade.

NMB Bank has total assets of over 7tri/- with a shareholder base that includes Rabobank holding a 34.9 per cent stake and the government with a 31.8 per cent shareholding.

For his part, Publisher and Editorial Director of Global Finance Joseph Giarraputo said: "For most of 2020, the worldwide pandemic has upended commerce and made forecasting even more difficult, yet business must continue. NMB is an example of a bank ready for the sharp rise in demand for digital banking services during the pandemic and has been mostly stable.

The rankings will be used by companies, investors and individuals to gauge the relative safety of banks with which they choose to do business.

Highlighting the bank's business premises taking care of over 3 million clients, it was noted that it had 227 branches, over 7,000 agents and more than 800 ATMs across the country and was present in all districts of Tanzania

More From: Daily News

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.