NMB Bank has introduced a new soft credit service named "NMB MastaBoti" aimed at facilitating fishermen in Zanzibar to acquire modern fishing boats and related equipment. The launch of this innovative initiative took place on Tuesday in Pemba as part of the festivities marking the 60th anniversary of the Zanzibar Revolution.
The ceremony was graced by Zanzibar Second Vice President, Mr. Hemed Suleiman Abdullah, who received the first five boats provided under the arrangement on behalf of the 20 members of the Kiwani Fishers Society (JUWAKI).
Mr. Abdullah highlighted the significance of NMB MastaBoti loans in alignment with President Dr. Hussein Mwinyi's efforts to modernize fishing, boost the blue economy, and enhance overall development in Zanzibar. He commended NMB Bank for its substantial role in financing the acquisition of commercial fishing vessels, considering it a positive development for the sector.
While expressing his appreciation, Mr. Abdullah emphasized the importance of timely loan repayment and urged Juwaki members to leverage the potential of the insured boats to enhance their operations. He acknowledged NMB Bank as a critical partner in national development and thanked the bank for supporting the request for modern fishing equipment in Kiwani.
As part of its corporate social responsibility, NMB Bank handed over roofing materials, including 400 iron sheets worth 22 million Tanzanian Shillings, to three schools in the area: Chambani, Pondeani, and Nanguji. The Second Vice President promised to purchase 30 liters of fuel for each boat and acknowledged the bank's commitment to supporting Zanzibar's socio-economic development.
NMB Bank's Chief of Retail Banking, Mr. Filbert Mponzi, lauded President Dr. Mwinyi's administration for promoting the blue economy, a cause fully supported by NMB Bank. Mr. Mponzi reiterated the bank's dedication to collaborating with the government to advance Zanzibar's socio-economic development through financial services and funding.
The NMB MastaBoti credit service is designed to empower all levels of fishermen and enhance their operational conditions. Mr. Mponzi stressed the importance of timely loan servicing, emphasizing its potential to benefit numerous individuals through the innovative scheme.
Encouraging more people to bank with NMB to enjoy premium services like Mshiko Fasta digital loans, Mr. Mponzi noted that this would contribute to increasing the one percent of net profit allocated annually by the bank for social investments.
Other notable figures present at the event included ministers Suleiman Masoud and Shabib Hassan Kaduara, as well as Mkoani District Commissioner Khatib Juma Mjaja and Kiwani legislator Rashid Abdallah Rashid. The well-attended event showcased the collaborative efforts between NMB Bank and the government in fostering economic growth and development in Zanzibar.