The residents of Buhigwe District have received a significant boost in their financial prospects as NMB Bank Plc, one of Tanzania's leading financial institutions, has unveiled its latest branch in the area. With an impressive allocation of Sh1 billion specifically designated for lending to the district's residents, NMB Bank aims to empower the local community and stimulate economic growth in the region.
The inauguration of the Buhigwe branch marks yet another milestone for NMB Bank, bringing the total number of its full-service branches across Tanzania to an impressive 229. The event was graced by the honorable presence of Vice President Dr. Philip Mpango, who emphasized the importance of financial inclusion in the fight against poverty.
During his speech, Filbert Mponzi, the acting chief executive of NMB Bank, highlighted the institution's commitment to corporate giving whenever a new branch is opened. As part of this tradition, NMB Bank handed over various items worth Sh82.4 million to schools and health facilities in the area. This gesture underlines the bank's dedication to making a positive impact on the communities it serves.
Furthermore, Mr. Mponzi emphasized NMB Bank's significant investment in technology over the past 25 years. The bank has embraced digital innovation to such an extent that it now handles a staggering 94 percent of all transactions digitally. This demonstrates NMB Bank's commitment to providing efficient and convenient banking services to its customers.
Vice President Dr. Mpango lauded NMB Bank for its extensive branch network, which reaches even the remotest parts of the country. He acknowledged the strides the bank has made in improving access to financial services, while also recognizing the need to further expand its reach to underserved segments of the market. Dr. Mpango stressed that financial inclusion plays a pivotal role in the government's efforts to combat poverty.
"NMB has continued with exemplary efforts in broadening its market outreach through an extensive branch network targeting every corner of the country to enhance the availability of its services," stated Dr. Mpango. He further commended NMB Bank for leading the way in loaning funds from the Bank of Tanzania's (BoT's) special agricultural finance program to the farming value chain at an interest rate of less than nine percent.
Mr. Sadati Mussa, the Director of Banking Supervision from the BoT, revealed that out of the Sh195 billion borrowed by banks from the special Sh1 trillion agricultural credit package, NMB Bank has secured an impressive Sh158 billion. This achievement showcases the bank's commitment to supporting and developing the agricultural sector, a vital component of Tanzania's economy.
Dr. Mpango encouraged the residents of Buhigwe District to take full advantage of the new branch and the credit opportunities provided by NMB Bank. He urged them to utilize these resources to advance farming activities in the district and explore other avenues for wealth generation. Dr. Mpango assured the community that NMB Bank has a multitude of solutions to foster financial emancipation and empower them economically.
Dr. Edwin Mhede, the board chairperson of NMB Bank, expressed his delight at the overwhelming attendance at the event. The remarkable turnout demonstrated the community's deep understanding of the importance of financial services in their lives and their desperate need for them. Dr. Mhede emphasized the bank's commitment to providing excellent service and meeting the financial needs of the people.
The launch of NMB Bank's Buhigwe branch and the generous allocation of Sh1 billion for lending purposes mark a significant step toward empowering the residents of the district. With its expanding branch network, commitment to digital innovation, and dedication to financial inclusion, NMB Bank continues to play a vital role in transforming livesNMB Bank Plc: Empowering Buhigwe District with a New Branch and Sh1 Billion in Lending
In a remarkable development for the residents of Buhigwe District, NMB Bank Plc, one of Tanzania's leading financial institutions, has opened its latest branch in the area, ushering in a wave of financial opportunities. With an impressive allocation of Sh1 billion specifically designated for lending to the district's residents, NMB Bank aims to empower the local community and stimulate economic growth in the region.
The inauguration of the Buhigwe branch is a testament to NMB Bank's commitment to expanding its reach across Tanzania. This latest addition brings the total number of the bank's full-service branches to an impressive 229, solidifying its position as a prominent player in the country's banking sector. The event was graced by the honorable presence of Vice President Dr. Philip Mpango, underscoring the significance of this occasion.
During the ceremony, Filbert Mponzi, the acting chief executive of NMB Bank, reiterated the institution's commitment to corporate social responsibility. It has been a longstanding tradition for the bank to engage in charitable giving whenever a new branch is opened. In line with this commitment, NMB Bank presented various items worth Sh82.4 million to local schools and health facilities, demonstrating its dedication to making a positive impact on the communities it serves.
Furthermore, Mr. Mponzi highlighted NMB Bank's substantial investment in technology over the past 25 years. The bank has embraced digital innovation, revolutionizing its operations and services. An impressive 94 percent of all transactions are now handled digitally, providing customers with efficient and convenient banking solutions. This digital transformation underscores NMB Bank's commitment to staying at the forefront of technological advancements in the financial industry.
Vice President Dr. Mpango commended NMB Bank for its extensive branch network, which reaches even the most remote parts of the country. He acknowledged the bank's efforts in improving access to financial services, emphasizing that there is still work to be done to reach underserved segments of the market. Dr. Mpango emphasized that financial inclusion is a crucial element in the government's ongoing battle against poverty.
Dr. Mpango praised NMB Bank for its outstanding endeavors in expanding its market reach through an extensive branch network, ensuring that its services are accessible to every part of the country. Additionally, he commended the bank for its proactive role in facilitating loans from the Bank of Tanzania's special agricultural finance program to support the farming value chain. It is worth noting that these loans are offered at an interest rate of less than nine percent, showcasing the bank's dedication to the growth and development of the crucial agricultural sector in Tanzania's economy.
Mr. Sadati Mussa, the Director of Banking Supervision from the BoT, shared that out of the Sh195 billion borrowed by banks from the special Sh1 trillion agricultural credit package, NMB Bank has secured an impressive Sh158 billion. This achievement showcases the bank's ability to mobilize funds and its dedication to supporting farmers and the agricultural industry.
Dr. Mpango urged the residents of Buhigwe District to seize the opportunities provided by the new branch and the credit facilities offered by NMB Bank. He encouraged them to utilize these resources to enhance farming activities in the district and explore other avenues for wealth generation. Dr. Mpango assured the community that NMB Bank has a diverse range of solutions to promote financial empowerment and drive economic development.
Dr. Edwin Mhede, the board chairperson of NMB Bank, expressed his delight at the overwhelming attendance at the branch opening ceremony. The remarkable turnout demonstrated the community's deep understanding of the importance of financial services in their lives and their desperate need for them. Dr. Mhede reiterated the bank's commitment