Tanzania: Investment Innovations Earn NMB Four Awards

NMB Bank Plc has yet again stamped its authority as a commanding financial institution in the local financial services space after scooping four international awards, placing it at the helm of the industry.

The new accolades for best service delivery and performance brilliance, which the top lender disclosed yesterday in Dar es Salaam, add to six the number of awards it has bagged so far this year.

The four recognitions are the Best SME Bank and Best Investment Bank Tanzania 2021 from the World Economic Banking Magazine, the Best Innovation Retail Bank Tanzania from International Banker and the Best Retail Bank Tanzania by International Business Magazine 2021.

"The awards are in recognition of NMB Bank's proven track record of excellence and its strong commitment to innovation, which is evidence of our customer focus in line with our vision to become the preferred financial partner," the lender said in a statement.

The latest prizewinning development comes after the bank was early this year named the Best Bank in Tanzania for the 9th consecutive year by Euromoney Awards and Best Retail Bank in Tanzania by the Global Banking and Finance Awards.

The bank won the two awards for mostly its outstanding overall performance, digital banking and financial inclusion efforts as well as innovation ingenuity and the social investments it continues to make.

Chief Executive Officer Ruth Zaipuna called the excellence triumph a monumental feat that proves NMB's market leadership and unrivalled ability to deliver innovative solutions.

"It's a great accomplishment and honour for NMB Bank to receive these four prestigious awards and the recognition they represent," Ms Zaipuna said noting that the awards principally recognise the bank's strong financials and appreciates its investment in digital channels.

She added that the digital investments have enabled it to significantly expand the product mix and distribution channels for better customer services and relevant transactional solutions.

Currently, 93 per cent of the lender's transactions happen outside branches. Ms Zaipuna said in the past year, NMB introduced a good number of innovative and impactful solutions compared to what most of its peers managed to put on the table.

"We continue to invest strategically in our technology and branch network and strengthen more our ability to deliver innovative solutions to the market," she pointed out.

"The bank's management deserves praise for its execution of strategic plans to improve operational efficiency, leverage technology to drive better customer experience (CX) and improve cost efficiency.

NMB Bank's focus on its digital offering helped increase non-funded income by 19 per cent year-on-year in 2020. Net interest income increased 11 per cent, Gross loans and advances to customers jumped 15 per cent and customer deposits rose by 7 per cent in 2020," said International Banker Magazine Editor Simon Brown.

NMB Bank continues to support the local economy, act as a good corporate citizen and innovate in the Tanzanian banking sector, with products such as NMB Mkononi Plus, and is a worthy winner of the International Banker 2021 Best Innovation in Retail Banking Award," he added.

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