NMB Bank Plc looking for plots, space in Dar

14Mar 2016
Beatrice Philemon
The Guardian
NMB Bank Plc looking for plots, space in Dar

NATIONAL Microfinance Bank PLC (NMB) is now struggling to search a plot of land to build a new branches at Mbezi and Kimara area to enable the bank to bring banking services closer to the people within those localities

and increase the reach to their customers thus providing convenience for their daily transactions.

This was revealed last weekend by NMB’s acting Chief of Retail Banking Abdulmajid Nsekela at the just-ended NMB Business Clubs meeting involving Top Business Clubs leaders from different areas in Kinondoni District Council who are Small and Medium Enterprises (SMEs) and Micro and Small Enterprises (MSE).

The opening of the new branches will enable the bank to cater for all customers including SMEs and promote growth and stability of the economies in which they operate.

He said some of SMEs have request NBM to open a branch there so that they can reduce transport costs incurred while visiting the bank’s branches for their daily transactions in-terms of deposit and withdrawal of cash.

They told NMB top management who were attended the meeting that although mobile money has proven to give a lot of people access to banking services, it is very expensive in terms of fees.

“After reviewing your request as a bank, we promised to help them and called on anyone who has plot of land in those areas where we can build branches to get in touch with us,” he said.

Nsekela said apart from addressing the traders’ problem, the bank is already searching for a plot of land in the two areas to build the two new branches.

“As a bank we will help clients get what they need because this is in line with our plans to increase our branch network in Dares Salaam and other regions across the country,” he said.

NMB which is the largest commercial bank by branch network and customer numbers, has 175 branches, over 2 million customers and over 600 ATMs countrywide.

NMB is also making inroads in corporate banking, treasury and transactional services such as corporate payments, collections and trade finance.

Apart from that NMB pioneered major innovations in the market including agency banking (NMB wakala), mobile banking and Pesa Fasta-an ATM based remittance product targeted at the unbanked.

Last year NMB received a loan from European Investment Bank (EIB) worth USD 92million to support micro, small and medium-sized enterprises (MSMEs) in Tanzania.

This will help the bank provide medium term loans to MSMEs in the country, he said noting that apart from the loan, EIB is also helping NMB to train business clubs and help them grow their business while getting their financial help from NMB.