20 Apr, 2017
National Microfinance Bank Plc (NMB) has today opened a new business center in Kahama – Kahama Business Centre which will serve the Western Zone regions of Shinyanga, Tabora and Kigoma.
To boost the Micro, Small and Medium Enterprises (MSME) in the country, NMB has created business centers as dedicated branches only for SMEs. Business centers are currently in Dodoma, Kariakoo, Sinza, Arusha, Mbeya, Morogoro, Moshi, Mtwara, Mwanza and now Kahama making NMB to hit its target for 2017 of reaching 10 Business Centers in the country.
Speaking at the launch of Kahama Business Centre in Kahama earlier today, NMB Managing Director – Ineke Bussemaker affirmed NMB’s commitment to boost MSME’s insisting that the business Centre in Kahama is in response to the growing demand of the business community and bring tailor made products close to them.
Ms Bussemaker said “this branch we are launching today underlines our commitment to MSME business, time has come when we need a stronger interaction between the bank and its largest SME customers.”
Kahama Business Centre is a dedicated branch only for SME’s and high net worth individuals with the main aim of fostering a rewarding relationship with NMB business customers. This is achieved by providing forums for customers to explore business opportunities through training, capacity building and networking opportunities.
To make sure that NMB supports well MSME, Ms Bussemaker said “We offer basic business training on capacity building, and networking opportunities through our Business Clubs. We have 34 clubs covering all regions”.
Since 2011, NMB has grown the MSME’s business from zero to over 100,000 MSME’s representing 14% of overall NMB’s business.
“Industrialisation activities are extremely important, not just to NMB but to the economy. The economy as a whole depends on the success of SMEs forming a bigger part of many industries in the country. And we are proud that in the course of just a few years we were able to grow this business successfully from zero to where we consistently support over 100,000 businesses nationwide” Said Ms Bussemaker.
Ms Bussemaker further said that improvements done by the bank so far will help to bring services more close to this segment of customers where they will not only get the best services but also acquire various trainings including the ones received at the Business Club meetings.
On her part, the Shinyanga Regional Commissioner-Zainab Taleck argued customers to make use of the business center for their development commending the contribution done by NMB in Kahama and Shinyanga region in promoting financial inclusion.
“I am requesting you to use this branch effectively, Shinyanga and Kahama have developed attracting huge businesses. We are honored with this center which I am sure will transform the business community in my region and nearby regions of Tabora, Kigoma and other districts within Shinyanga region.” Said the RC.
13 Apr, 2017
National Microfinance Bank Plc. (“NMB”) has recorded a 2.4% increase in profit after tax (PAT) for the year ended 31 Dec 2016.
The NMB Managing Director – Ineke Bussemaker says that despite the challenging macroeconomic environment, NMB was able to deliver a good performance.
“The bank’s net profit increased from TZS 150.3 billion in 2015 to TZS 153.7 billion in 2016. The growth is attributed to an increase in the Bank’s operating income which rose by 16%.” Said Ms Bussemaker
The bank’s interest income grew from TZS 438.7 billion in 2015 to TZS 551.0 billion in 2016 which is equivalent to a 25.6% growth. The bank’s total assets grew by 8% from TZS 4,580 billion in 2015 to TZS 4,951 billion in 2016. Loans and advances to customers rose to TZS 2,794 billion, a 13% increase from TZS 2,482 billion in the previous year. The loan growth was mainly driven by a growth of Salary Worker Loans which rose by 16% from the prior year to TZS 1,698 billion.
Amidst the liquidity crunch experienced by many banks in 2016, asset growth was funded by a TZS 172 billion increase in customer deposits and TZS 312 billion growth in borrowed funds as well as the NMB Retail Bond which raised TZS 41 billion. As a result, interest expenses grew by 49% from TZS 68.5 billion in 2015 to TZS 102.2 billion in 2016.
“Customer deposits that are largely comprised of non-interest earning accounts rose by 4.8% from TZS 3, 568 billion in 2015 to TZS 3,737 billion in 2016.” She said
“A number of our clients were adversely affected by the business climate in 2016, consequently this impacted the loan book quality which deteriorated to an NPL ratio of 4.8% in 2016 from 2.4% in 2015.” She said
With 20% market share in both loans and deposits, NMB has the 2nd largest balance sheet in the industry. For the 10th year in a row, NMB remains the most profitable bank in the country.
11 Apr, 2017
The National Microfinance Bank PLC (NMB) has doubled the number of agents for NMB Wakala in an approach to bring banking services closer to customers. Last year, NMB Launched NMB Wakala - a Direct Agency Banking that sees NMB customers and non-customers access banking services through appointed agents countrywide.
Agency banking is an alternative channel for distributing banking services through appointed merchants/retailers to provide basic banking services to customers on behalf of the bank under a specified agency contract within the regulated framework. It has become an essential component in bringing NMB services closer to the people and there is no doubt it will expand distribution network and create convenience.
With NMB Wakala, Customers can do cash in, cash out and account enquiries through approved agents through the Direct Agency Banking with affordable transaction fees for customers and agent’s better commission. NMB Wakala now has over 2000 registered direct agency banking agents.
NMB Head of Alternative Channels – George Kivaria said “we are happy to register this milestone and definitely doubling the number of agents from 1000 to over 2000, with these number of agents, we are optimistic that we will bring services even more closely to our customers while creating simplicity and convenience to them.”
Mr Kivaria added that the introduction of this service will create convenience for allowing the unbanked and under banked communities to access financial services close to them while minimizing the distance they can travel to access NMB branches.
“NMB Wakala also complements the current branch network of over 189 Branches, 700 ATMs countrywide while providing through MNO collaboration and hence offering over 80,000 points of presence for basic banking” said Mr Kivaria.
Some of the offerings that NMB Wakala provides includes cash deposits and withdrawals, balance enquiry and Mini-statement, payment services by cash (Luku, TRA, TV subscription), School/College fees payment, Airtime purchase by cash and fund transfer.
03 Apr, 2017
Halotel has today partnered with NMB to allow five Million Halotel and NMB customers enjoy cash deposit and withdraw services from HaloPesa.
20 Mar, 2017
The National Microfinance Bank PLC (NMB) has today launched the first ever money transfer service that will see customers registered with NMB mobile transfer money from their NMB account to other banks at the comfort of their finger prints.
To transfer up to TZS 3,000,000/- customers will need not walk into the banking halls any more; rather they can transfer through NMB mobile anywhere and provide the convenience that a customer needs.
Launching the money transfer service into the market, the NMB’s Value Added Service Manager, Stephen Adili, said the mobile Interbank Settlement System adds more options to NMB customers while maintaining the convenience and comfort of customers.
Previously, customers could transfer money from their NMB accounts to other banks by either physically visiting branches or through internet banking. In both cases the process took up to two hours for the transaction to mature.
“The new mobile system of transaction is timely as recipient gets money instantly.” said Stephen Adili the NMB Acting Senior Manager Retail Liability, Insurance and Value Added Services.
Mr Adili added that “Being the first bank in the market, we expect a positive reaction from our customers who will no longer incur some transport and time expenses on transferring money from their NMB accounts to other banks accounts.”
10 Mar, 2017
On Saturday March 4, 2017, His Excellency the President of the United Republic of Tanzania, Dr. John Pombe Magufuli, officially opened the NMB Mtwara Business Centre especially for the business community in the cashew regions of Lindi and Mtwara.
Currently, there are nine NMB Business Centres; in Dar es Salaam (Kariakoo and Sinza), Dodoma (Makole), Morogoro, Kilimanjaro (Moshi), Arusha, Mwanza (Business Centre), Mbeya (Mwanjelwa) and we are soon launching the Kahama Business Centre.
The pictures take you through what happened at the opening ceremony.
10 Mar, 2017
Dar es Salaam, Tanzania: 09 March, 2017 – National Microfinance Bank Pic (NMB) has signed a strategic partnership agreement with Mastercard to ensure the digitization of the agricultural sector in Tanzania with the rollout of eKilimo, a mobile solution developed by the Mastercard Lab for Financial Inclusion.
eKilimo, which in Swahili means ‘eAgriculture’, is a digital platform that will help, introduce efficiency, security and transparency in the agriculture supply chain. The solution will make transacting faster, safer, and easier for all stakeholders including the farmer, the buyer and the agent.
Powered by the digital platform developed by the Mastercard Lab, farmers are now able to conduct the entire transaction process of receiving payments and selling produce via a feature or smartphone, without having to walk hours to markets. This helps to ensure farmers benefit from the ability to capture a higher percentage of the wholesale value of their goods by providing price transparency and more direct access to buyers.
“Contributing a significant USD 13.9bn to Tanzania’s GDP (nearly 30 percent), it is critical that solutions are found to support this vital sector, ensuring sustainability and growth. Technology is having a significant impact already, and the mobile device is giving small holder farmers the power and ability to move beyond cash,” said Raghu Malhotra, President, Middle East and Africa, Mastercard.
By providing digital payment to farmers, eKilimo will leverage the existing agency banking structure to facilitate account opening for farmers and joint ideation on new product features. This is in line with the Mastercard vision of a more digitally and financially included Africa.
“Using digital technology to provide access to farmers and introducing transparency to the buying and selling process will drive efficiencies into this supply chain, positively impacting the economy. In the long run this should help famers gain access to formal financial services and solutions, enabling them to manage their funds ensuring a better more secure future for them and their families.”
The solution which was developed at the Mastercard Lab for Financial Inclusion is part of a global commitment made by company to reach 500 million people currently excluded from the financial mainstream by 2020. The East African Lab, supported by the Bill and Melinda Gates Foundation, is set to empower 100 million people through its focused approach of developing market and sector relevant solutions underpinned by meaningful insights and local collaboration.
The partnership between NMB and Mastercard will see the solution enter a pilot phase in select locations in Tanzania from March 2017. Following the introduction of the same solution in Kenya under the name of 2KUZE, key insights were gathered and will be used to ensure the Tanzanian pilot is a success. This cross pollination of knowledge driven by the Mastercard Lab ensures future rollouts are done so efficiently.
The pilot will begin with the onboarding of NMB customers that source directly from smallholders. Field agents of the customers will use the eKilimo smartphone app to perform the purchase, including weighing the produce on a Bluetooth-enabled scale and paying the farmer digitally. The farmer will receive information and their payment from eKilimo, and will be able to leverage their transaction history to access credit from NMB.
“We are committed to growing Tanzania’s agriculture sector, and working with partners such as Mastercard to introduce technology that can change lives. Our experience in the sector gives us a unique point of view, combined with insights from Mastercard following the launch of the solution in Kenya under the name 2KUZE. It makes for a powerful collaboration, one that will benefit smallholder famers, buyers and agents – and the broader economy,” said the NMB Managing Director – Ineke Bussemaker.
08 Mar, 2017
International Women's Day celebrates the social, economic, cultural and political achievement of women across the globe. This year, the theme is #BeBoldForChange! This is a call for all of us to take bold actions and make to make the world a more ‘gender inclusive’ place. International Women’s Day is a reminder for all of us- men and women to actively take part in closing the gender parity gap.
Gladness Deogratias- the Head of Forex Trading and Chairwoman of Women Arise- a platform that fosters gender equality, advancement, mentorship and leadership opportunities for women at NMB shares with us her perspective on breaking the gender glass ceilings in the workplace and growing females leaders at NMB.
Q: Tell us your name.
Q: What is your role?
Head of Forex Trading and Chairwoman of NMB Women Arise forum
Q: What does gender parity mean to/for NMB?
For our bank, this means achieving a good balance of male and female in our workforce. It also means an inclusive culture that promotes diversity which is at the heart of innovation and will ultimately improve the performance of our organization. NMB believes this is not only a fair and right thing to do in the society, but also a business case for success.
Q: What can be done to challenge the barrier that prevents women from progressing?
There are a number of initiatives organizations can do to uplift these barriers including:
- Having a targeted recruitment
- Work and Leave policies that are flexible and gender sensitive
- Mentorship program to allow women to gain skills and experiences
- Specific female leadership training that will empower women
- Having an inclusive culture in the workplace
Q: What does it take to grow as a female leader at NMB?
NMB is no different to any other organization, so for any female leader looking to grow she must first understand that leadership is a journey and hence it’s a continuous learning process. She must embrace change and be willing to step outside her comfort zone to expand her horizon. Building relationships and collaborating with others across the organization through “Lean in” is a vital leadership trail. Some of these contacts will be your mentors (pick brains) or sponsor/support system. NMB is a very big bank with over 3000 staff; having solid network is an important benefactor in your journey; you never know who will be on your path to leadership. Above all, work hard, they say “hard work never goes unnoticed”.
Q: How should/do men take part in promoting gender parity at the work place (or in our communities)?
Men are key players in closing the gender gap. There is what we call “unconscious bias” that exists so including them will help to bring this in the open. Increase their responsibility and input in gender mainstreaming strategy to allow for ownership and execution. After all, around the world men dominate decision making positions hence ensuring outcomes are gender inclusive. Men can also be positive role models through mentorship program.
Q: How important is it that NMB and other corporations for that matter take bold actions in closing the gender parity gap?
It is extremely important that NMB and organizations alike take pragmatic actions towards promoting gender equality in their work place. Women in the work force are key drivers of economic progress of our countries; thus we cannot exclude this important labor force. Corporations should also consider gender inclusive leadership to promote diverse of ideas in their management teams. This will ultimately mean, products and services offered by these organizations will be gender sensitive hence help women and girls achieve their ambitions.
We would like to hear from you, what bold actions to empower women have you taken lately? Will you step up and #BeBoldForChange ?
06 Mar, 2017
Suzan Shuma is the Head of Government Banking at NMB. She is responsible for maintaining a close relationship with the government and its key decision makers by meeting their financial needs with the aim of growing the government’s business portfolio within the bank.
Suzan’s NMB journey begun in 2008 as a Product Manager where she spent 7 years engaging with different projects in Retail Banking. One of her proudest moments in Retail Banking is when she successfully designed, tested and implemented secure loans for salaried employees which later resulted in a move to become Product Manager Secured Loan. Due to the dedication and ownership she showed during the two years of working for the new secured loan products, Suzan was thereafter promoted to Senior Manager Retail Assets in 2013 working on a much bigger portfolio of retail assets- both secured and unsecured loans. In 2015, Susan took a daring and calculative risk by moving to Government Banking, a unit under Wholesale Banking as Senior Manager: Central Government.
The bold move from retail banking to wholesale banking was an opportunity for her to not only grow and expand her knowledge but also it was a desire for growth as she was very keen to explore a new opportunity outside of her comfort zone. Suzan stresses the importance of women stepping up to make bold decisions in order to reach up to our goals. “Plan for change even when it is not comfortable for you because there are times when you need to be uncomfortable to accommodate growth,” she said. For Suzan, bold actions also mean guiding other women through mentorship so that they too can progress boldly in their careers.
03 Mar, 2017
Aikansia Muro is a Senior Manager responsible for projects in the Loan Center department at NMB. Her 10 years career in banking have been shaped by challenges (or rather opportunities) that she never backed away from.
Here’s her journey: She began her career in NMB 10 years ago as a Product Officer SME& Agribusiness unit. On 2010, NMB embarked in the project to implement its new core banking system- Flexcube; she was among the selected Project Leads. Thereafter, she was relocated to Kilombero Branch for a year. After a year of service, Management established Loan Centre and saw fit that she act as a Senior Manager of the department which later paved a way for her to be promoted to a position of Senior Manager Loan Centre Projects a position she now holds.
Her career journey demonstrates how Aikansia grabbed each challenge and opportunity and allowed those experiences to strengthen her character and skills. Most importantly, she took bold actions to accept every little opportunity that was presented to her and in the process, she learnt to boldly perfect her craft as her career progressed. #BeBoldForChange
24 Jan, 2017
National Microfinance Bank Plc. (“NMB”) assigned a first-time credit rating by Moody’s Investors Services on 20 January 2017.
NMB is pleased to announce that it has been assigned a first-time credit rating by Moody’s Investors Services of B1 Stable, b1. This places NMB the highest among its peers in the region as well as a number of other African banks (excluding South Africa).
11 Jan, 2017
11 Jan, 2017
Setting New Year goals is the ‘easy’ part. During the end of the year most of us seem to have a bust of positive energy to create New Year’s resolutions or goals that we never really see them through. Overwhelmed with this excitement for a particular moment gradually withers away with time. A moment of euphoria when setting goals is good but most importantly having a focused approach and the will power to achieve the goals is better.
23 Dec, 2016
23 Dec, 2016
23 Dec, 2016
05 Dec, 2016
National Microfinance Bank Plc ‘NMB’ has enhanced their Bonus Account with an attractive interest rate of up to 13%*. The offer is available to all NMB Bonus Account and NMB Business Savings Account holders who will only withdraw funds on either account once on a quarterly basis. The new interest rate has been improved to support and encourage the achievement of personal and business goals.
The new and attractive interest rate of up to 13%* which is paid on a quarterly basis means that customers will be able to enjoy a bonus interest over and above the standard basic interest. This is considered to be a competitive rate on the business savings account in the banking sector. All existing and new customers of this product can now reap the benefit.
25 Nov, 2016
National Microfinance Bank Plc (NMB) has today organized a meeting event of NMB Executive Network members from Northern zone, a meeting that brought together over 120 corporates which includes our existing and prospect customers.
21 Nov, 2016
17 Nov, 2016
03 Nov, 2016
NMB MD joins leaders in financial services, business leadership and investing to advise global nonprofit devoted to giving more low-income women access to financial services
Ms. Ineke Bussemaker, CEO and Managing Director of National Microfinance Bank PLC (NMB), was named to the Board of Trustees of global nonprofit Women's World Banking. She joins a group of global leaders advising Women's World Banking in its mission to ensure women and girls have access to the financial tools and resources they require to achieve security and prosperity.