Karume promises to stir NIC Bank to sustained growth as MD

31Jan 2019
The Guardian Reporter
Dar es Salaam
The Guardian
Karume promises to stir NIC Bank to sustained growth as MD

THE future of NIC Bank Tanzania Limited’s success is assured thanks to the appointment of a seasoned banker, Margaret Karume as Managing Director.


Karume who took over the NIC Bank Tanzania’s top most executive job on January 1, 2019 has pledged to use her knowledge and experience to stir the bank to sustained profit making and domination of the local market.

“I’m honoured to join the NIC Bank Tanzania team which is representing my values and has a great foundation for the next phase of growth. As the Managing Director, I will combine my core competencies in relationship management, business development and credit risk management in the banking sector,” Karume said.

The former Barclays Bank Kenya and NIC Group Plc banker further noted that she will use her 25 years of experience in the banking industry to ensure the local bank delivers both to clients and shareholders.

“I look forward to the diverse challenges of local and regional growth in making NIC Bank even better. I believe we have a great future as a key player in the banking industry,” she added.

Until her appointment, Karume was Director of Credit Risk Management for NIC Group, responsible for evaluating credit risks and approvals, developing credit risk policies and developing people within the credit risk departments of the various subsidiaries.

She takes over from Mick Karima, who was acting Managing Director after an exhaustive interview process and approval by Bank of Tanzania and other regulatory authorities.

NIC Group Plc entered the Tanzanian market in 2009 after acquiring Savings and Finance Commercial Bank (SFCB). NIC Bank Tanzania Limited operates as a subsidiary of NIC Group PLC and provides commercial banking products and services.

NIC Group Plc is a fully-fledged commercial bank with 44 branches in Kenya, five branches in Tanzania, three branches in Uganda with a award won for providing digital banking solutions in the region.

Listed on the Nairobi Securities Exchange (NSE) with approximately 26,000 shareholders, the group's growth can be seen in the rapid expansion of its balance sheet and market capitalization.

The NIC Group has also established strategic business units that facilitate provision of a complete suite of financial products and services. These are NIC Capital (investment bank); NIC Securities (stock brokerage); NIC Insurance Agents (banc assurance) and NIC Leasing Plc.



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