Kikwete Lists NMB Bank Among Privatisation Success Stories

President Jakaya Kikwete has inaugurated 65 million US dollars (140bn/-) worth state-of-the-art National Microfinance Bank (NMB) building and pledged continued government support to the bank’s efforts to promote financial inclusion.

The modern building with capacity to accommodate over 1000 staff, modern rooms, canteen to cater for all staff and modern private bank proves the solidity and sustainability of the bank. With the widest network of more than 170 branches and over 600 ATMs as well as 95 per cent coverage of all districts.

“NMB Bank is one of the successful and model of privatisation stories. It pays dividends as well as various taxes to the government,” President Kikwete said in Dar es Salaam at the weekend while pointing finger to other public institutions are still depending on government subsidy.

He said NMB success as the best and most profitable Tanzanian bank followed a transformation process done during his 10 years term in office. Government has 30 per cent stake in the bank and 20 per cent is owned by Tanzanians through the Dar bourse. He urged the bank to continue promoting financial inclusion to reach more the financially underserved population.

Tanzania is the global leader in providing mobile money banking. “When I became president 10 years ago, NMB was a very small bank and was referred as the proletariat bank, but today it is the biggest bank in the country with the widest network, the most profitable and sustainable bank.

I am very proud of you,” he said. Also Mr Kikwete launched a modern private banking located at the new head office powered by four teller cubicles and two ATM machines.

It is the third after NMB Bunge Dodoma and NMB Oyster plaza branch in Masaki. Most of the money spent in constructing the seven storey building was paid to local contractors with few foreign contractors.

The NMB Bank Managing Director, Ms Ineke Bussemaker, said the new head office reflects the priorities of the bank as it complies with all standards set by the bank.

“The building is a symbol of what NMB can achieve together, it consumes spacious working area, modern and stylish features with high end finishing, high safety detectors and fire systems with number of meeting rooms for staff, customers and visitors, semi-industrial kitchen,” she said.

Originally published on DailyNews Tanzania

You may also like

Popular News