NMB Bank in four awards for excellence

17Sep 2021
The Guardian Reporter
The Guardian
NMB Bank in four awards for excellence

NMB Bank has yet again stamped its authority as excellence specialist in the local financial services market after scooping four international awards that secures its position at the helm of the industry.

Chief Executive Officer Ruth Zaipuna.

The new accolades for best service delivery and performance brilliance, which the top lender disclosed yesterday in Dar es Salaam, add to six the number of awards it has bagged so far this year.

The four recognitions are the best SME bank and best investment bank in Tanzania 2021 from the ‘World Economic Banking Magazine,’ the best innovation retail bank in Tanzania from ‘International Banker’ and the best retail bank in Tanzania by ‘International Business Magazine’ 2021.

“The awards are in recognition of NMB Bank’s proven track record of excellence and its strong commitment to innovation, which is evidence of our customer focus in line with our vision to become the preferred financial partner,” the lender said in a statement.

The latest prizewinning development comes after the bank was early this year named the Best Bank in Tanzania for the ninth consecutive year by ‘Euromoney Awards’ and best retail bank in Tanzania by the ‘Global Banking and Finance Awards.’

The bank won the two awards for mostly its outstanding overall performance, digital banking and financial inclusion efforts as well as innovation ingenuity and the social investments it continues to make.

Chief Executive Officer Ruth Zaipuna called the excellence triumph a monumental feat that proves NMB’s market leadership and unrivalled ability to deliver innovative solutions.

“It’s a great accomplishment and honour for NMB Bank to receive these four prestigious awards and the recognition they represent,” she said, noting that the awards principally recognizes the bank’s strong financials and appreciates its investment in digital channels.

Digital investments have enabled it to significantly expand the product mix and distribution channels for better customer services and relevant transactional solutions, she stated.

Currently 93 per cent of the lender’s transactions happen outside branches, while in the past year, NMB introduced a good number of innovative and impactful solutions above what its peers managed to put on the table, the statement observed.

"We continue to invest strategically in our technology and branch network and strengthen more our ability to deliver innovative solutions to the market,” it further asserted.

“The bank’s management deserves praise for its execution of strategic plans to improve operational efficiency, leverage technology to drive better customer experience (CX) and improve cost efficiency.

International Banker Magazine Editor Simon Brown said that NMB Bank’s focus on its digital offering helped increase non-funded income by 19 percent year-on-year in 2020. 

This was the reason its net interest income increased 11 percent year on year; gross loans and advances to customers jumping 15 percent in the period and customer deposits rising by seven percent for the year in 2020.

NMB Bank continues to support the local economy, act as a good corporate citizen and innovate in the Tanzanian banking sector, with products such as NMB Mkononi Plus, and is a worthy winner of the International Banker 2021 best innovation in retail banking award, he added.

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