Tanzania: NMB Plan to Boost Growth of Tourism Sector

By Daily News Reporter in Zanzibar

NMB Bank has embarked on a plan that will see the tourism sector grow in the country and contribute to economic growth.

That was said by Zanzibar NMB Bank Branch Manager Abdallah Duchi, while meeting tourism stakeholders at an event organised at the weekend.

He said the bank was strategised to address challenges in the sector and provide permanent financial solutions which were central to its growth.

Mr Duchi said sustaining financial transitions that included card use, tourists would be enabled to do various payments at a point of sale or point of purchase (POS), hotels and related tourists' institutions/companies through e-commerce instead of carrying cash money which was unsafe.

"In Zanzibar as well as Mainland Tanzania, the sector of tourism contributes a great percentage to the country's economy and for Zanzibar about 80 per cent of the foreign exchange comes from tourism," he added.

The manager further said the bank would continue supporting the sector to address its challenges, saying the Covid-19 shook it.

In another development, Mr Duchi asked Zanzibar government, Zanzibar Association of Tour Operators (ZATO) and Zanzibaris to give their bank preference because it has all financial powers and is recognised by international financial institutions like EURO Money that for four consecutive years has been getting awards.

While releasing their financial report, he said the bank had posted 93.3bn/- profit, equivalent to 65 per cent increase from year-on-year in 2020 a half period.

Equally, this year they managed to increase their products to members of the public, namely insurance services offered through their 220 branches, and payments through a QR code system and internet banking.

Zanzibar Second Vice-President Seif Ali Iddi asked ZATO to continue taking steps, which would improve local tourism, make the sector grow and refrain from relying only on one source to develop.

While opening the second tourism forum in Zanzibar he said it was important for the Zanzibari youth to be encouraged to visit tourist attractions and market them with their networks.

The Vice-President challenged them to use local resources and market local tourist attractions instead of relying on external media outlets and people to make them known.

He said Zanzibar expected a lot of its economic contributions from the tourism sector, followed by entrepreneurs, businesses and agriculture, adding: "You managed to have representatives from different boards in the government and you cooperate well with the Ministry of Information, Tourism and Heritage, now you can promote the sector of tourism.

He said last year the tourism sector contributed 833.4bn/- to their national economy compared to 712.7bn/- in 2018.

He said statistics showed that there was a drop in the economy's contribution witnessed within six months, which in turn negatively impacted on development.

"However, the government would strategise well and continue marketing local tourism in Europe, Asia and other continents," he said.

He advised the bank and other stakeholders to go digital as a way of keeping off physical contacts in the wake of Covid-19 as employees kept on serving tourists.