Euromoney names NMB best financial entity

The National Microfinance Bank PLC (NMB) is Tanzania’s best bank in this year, according to an international finance magazine, Euromoney.

NMB was named so last month, according to a statement that The Citizen received yesterday.

The awards were presented at the 2013 Euro money Awards for Excellence Dinner in London.

The bank, according to the statement, was specifically recognised for making progress in 2012 in the provision of transactional, savings and investment, and lending solutions to the growing customer base in wholesale, micro, small and medium enterprises (MSMEs), food and agriculture, government and personal banking segments.

Through its network of 150 branches, the bank serves over 1.8 million customers countrywide, an indication that about 20 per cent of all Tanzanians holding a bank account are banking with NMB.

Until 2012, NMB had over 1.7 million ATM cards activated and the growth of the customer base rose to over 1.8 million customers. 

The ATM network grew to over 500 machines nationwide, and NMB mobile reached over 750,000 active accounts.

The bank also finances a rapidly growing SME segment with over 60,000 customers.

And, the Euromoney Editor, Clive Horwood said: “By expanding its reach over time, NMB has become the second largest bank in Tanzania and it estimates that 40 per cent of the banked population in Tanzania has an account with NMB.
Source: The Citizen, reported from Dar es Salaam, Tanzania
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