In a bid to streamline the process of disbursing loans to students in higher education institutions, NMB Bank has successfully integrated its core banking system with the Higher Education Students' Loans Board (HESLB). The move, aimed at expediting loan disbursements, was announced by Mr. Filbert Mponzi, the Chief Retail Banking Officer of NMB Bank, during a forum held in Dar es Salaam on March 13.
Gathered under the theme "Investing in the Future," the forum, organized by HESLB, brought together key stakeholders in the education sector. Mr. Mponzi took the opportunity to encourage students in higher learning institutions to open bank accounts with NMB Bank, citing the numerous advantages available, including instant loans ranging from TZS 1,000 to TZS 500,000. Furthermore, students can request loans ranging from TZS 200,000 to TZS 10 million at a competitive interest rate of only 9 percent.
Highlighting the bank's commitment to supporting higher education, Mr. Mponzi revealed that discussions with the Ministry of Education and Vocational Training led to the allocation of TZS 200 billion in loans for students in higher learning institutions last year.
Dr. Bill Kiwia, the Executive Director of HESLB, emphasized the forum's objective of soliciting feedback from stakeholders involved in the loan disbursement process. While acknowledging the board's current outreach to over 200,000 needy students, Dr. Kiwia outlined plans to expand coverage, contingent upon adequate financial resources. He stressed the importance of timely loan repayments to ensure the efficient operation of HESLB and to extend assistance to more needy students.
Despite facing challenges where demand surpasses available resources, Dr. Kiwia assured stakeholders of ongoing efforts to explore alternative solutions to meet the growing demand for student loans.
The integration of NMB Bank's core banking system with HESLB marks a significant step forward in simplifying the process of loan disbursement for students in higher education institutions, promising faster and more convenient access to financial support for their academic pursuits.