Dr. Mpango commends NMB Bank for supporting innovation

21May 2022
The Guardian
Dr. Mpango commends NMB Bank for supporting innovation

THE Vice President, Dr. Philip Mpango expressed its interest in NMB Bank's commitment to support products and services innovation and urged the bank to support Tanzania youths with innovative ideas.

Speaking during a visit to the NMB pavilion during the Innovation Week held at the Jamhuri Stadium in Dodoma, Mpango said innovation is an essential driver of the economic development of any country.

"As Government we understand that innovation has a profound effect on macroeconomics and its contribution to economic development. Congratulations and I urge you to continue supporting youths with innovative ideas,” Dr. Mpango said.

He made the remark after being brief on an experimental financial solution system initially developed by NMB Bank that has opened doors for innovators to try out their solutions and has now attracted 150 innovators since its launch.

he Head of the NMB Bank Innovation Department Josina Njambi while briefing the Vice President said as part of the bank’s efforts to support innovation, the bank pioneered development of a special system known as the NMB Sandbox environment which provides an opportunity for financial solutions innovators especially in the digital sphere to come up with their innovative solution adding that the bank was committed to partnering with successful innovators.

“This system provides an opportunity for innovators to try out solutions they have devised and see how they can work effectively and successful innovators will have the opportunity to partner with NMB Bank to develop an integrated banking system to enhance service delivery in a more easy, secure and quicker way “said Josina.

She added, "Apart from providing opportunities to these innovators, the best innovative solutions will be the catalyst for development of the financial sector and the national as a whole,”

She noted that the bank is pleased that the innovators have been very responsive adding that already 150 innovators have signed up for the system with their solutions being under trial

“We anticipate the numbers to scale up as this opportunity is still available. I take this opportunity to continue encouraging more innovators to grab opportunities provided by the sandbox environment” added Josina.

On his part, the Permanent Secretary of the Ministry of Education, Science and Technology, Professor Eliamani Sedoyeka also shared similar sentiments and urged the bank to continue working closely with the ministry for purposes of supporting the education sector in general.

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