TANZANIA's
financial sector has continued to shine locally and internationally,
thanks to an
This enabling
environment put in place through policies, legal and regulatory
frameworks have ensured growth of a strong, efficient and effective
sector in the country.
In the latest move,
about 40 local banks participated in the 2020 Euromoney award programme
that covers 20 global awards, more than 50 regional awards and best
awards in close to 100 countries.
In this Euromoney
award where 1,500 submissions were received worldwide, NMB bank Plc
scooped the top award as the best bank for the eighth year in row
outshining the other 40 Tanzania's banks.
Early this month,
President John Magufuli commended the central bank, commercial banks and
the financial sector for their contributions, which enabled Tanzania to
join the league of middle income economy countries.
The World Bank
recently declared Tanzania as a lower middle income economy after
attaining the position of per capita income between 1,036 US dollars and
4,045 US dollars.
The Euromoney award
issued by the London-based global financial markets magazine is given
after measuring a number of metrics including financial performance,
digital banking strategy, financial inclusion, product offerings and the
approach to cyber security as well as corporate social responsibility.
This award is a
clear demonstration that NMB bank is more than a provider of financial
products and services to being a catalyst of economic change through
digital transformation and technology coupled with the ability to
deliver innovative solutions to the market.
Speaking before
receiving the award, the NMB Board Chairman Dr Edwin Mhede said as the
country has attained a middle income status, NMB bank will continue to
reposition itself to serve and support the growing economy from where it
is to the higher level.
"NMB will continue to reposition itself to support the government endeavours in building robust economic growth," he said.
He said research
shows that the industrial upgrade and investment in social services are
major contributors to attaining middle income status.
Thus the bank will
continue to support the endeavours so that the government and its
predictable policies could easily be implemented.
As the most
profitable bank in the country, NMB bank reported 142bn/- after tax
profit, which is equivalent to 46 per cent increase from 98bn/- posted
in the previous year.
The NMB Acting
Managing Director, Ruth Zaipuna said the award reflects the progress
that the bank has made in delivering services that meet customers'
satisfaction thus making it the best bank for financial inclusion in the
country.
"We are today a
bank known for reliance, focus on technology and innovation," she said
adding that the NMB purpose is to drive Tanzania's growth and endeavour
to enhance the lives of our fellow Tanzanians by offering convenience
and accessibility of our banking services across the country.
She said, "We are
leveraging the best technology in digital banking, innovative products,
out extensive branch network and alternative channels to add real value
to our customers lives," The bank has 225 branches, over 7000 agents and
more than 800 ATMs with over 3 million customers.
The Euromoney
excellence award confirms the bank's investment in digital
transformation and technology and its ability to deliver innovative
solutions to the market.
The other metrics
considered by Euromoney are namely market capitalisation, return on
equity, return on assets, market share of deposits, market share of
loans, loans to deposits ratio, non-performing loans ratio and
non-performing loan coverage ratio.
The Euromoney editor Clive Horwood said, "We continue to seek the best of the best in all countries offering banking services.
As every year, size
is important but certainly not paramount. Profitability is of course
vital, but so is an ability to demonstrate growth, relative
outperformance compared with peers and the ability to adapt to changing
market conditions or client needs."
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