NMB Bank Plc has launched a platform to economically empower young people in Zanzibar and liberate them financially through digital finance, lending and financial literacy programmes.
The bank made the commitment over the weekend while officially launching the banking solutions platform at Forodhani in Unguja, which was graced by the Second Vice President of the Revolutionary Government of Zanzibar, Hemed Suleiman Abdulla, who said the investment was a game changer in addressing development challenges.
Profiling the multi-beneficial initiative, NMB's Chief Executive Officer Ruth Zaipuna told the chief guest that the bank was better positioned technologically to make a huge difference in the lives of young men and women in the Spice Islands and across Tanzania.
Ms Zaipuna noted in her remarks that the youth empowerment platform was also a networking avenue whose ultimate goal is to nurture young people into economically productive and responsible citizens.
"The 'GO na NMB' platform is specifically designed to serve the youth and is a continuation of the bank's strategy to better its services and increase the contribution of the banking sector to various groups in the bid to further support efforts of the government in spurring economic growth," she said.
Ms Zaipuna noted that "GO na NMB" offers young people abundant empowerment opportunities such as motorcycle loans (Mastaboda), boat credits (Mastaboat), financial education as well as understanding the use and benefits of the bank's digital services notably NMB Lipa Mkononi, MshikoFasta na NMB Pesa Wakala.
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Whereas MshikoFasta is a digital loans facility that allows young NMB account holders to borrow up to 500,000/-, she explained, the NMB Pesa Wakala agency banking service will create hundreds of jobs for them by simplifying their engagement in the cash in and cash out business.
The platform's benefits package also comprises financial inclusion training programmes, free mobile phone insurance as well as opportunities to attend networking events such as college student conferences and entrepreneurship trainings.
"Under this setup and all the opportunities offered by 'GO na NMB", we strongly believe that we will motivate the youth, who are a formidable national human resource capital, to utilise the platform to make savings and engage in productive activities that will guarantee them reliable incomes," Ms Zaipuna noted.
Vice President Suleiman said "GO na NMB" was a noble idea that augurs well with the isles' government endeavour to address economic and social challenges encountered by the youth and engage them constructively in national building efforts.
He said its introduction was timely and a worthy investment because by empowering young people financially and economically, the platform helps to address the huge unemployment burden on the shoulders on the isles' economy.
Apart from offering financial education, which is still very low in Zanzibar at less than 30 per cent, VP Suleiman said the platform will equally help to address the challenge of lack of adequate sources of capital for the youth to create jobs for themselves and their peers.
