Speaking during the launch of the new branch during the past weekend, NMB’s acting Managing Director, Ruth Zaipuna said the 225th physical branch is another milestone in extending better services and affordable loans to support economic growth.
Zaipuna said the bank will continue opening new branches in the rural areas aimed at reaching the majority of the people who remain unbanked in line with government’s financial inclusion policy. She mentioned some of the products that will benefit individuals and small, medium and large businesses in Busega as soft loans; agro-input credit to farmers as well as financial literacy training.
“Through NMB Foundation, the bank also provides financial management education to farmers through their Amcos, but also all kinds of insurance and online payment solutions," Zaipuna noted while pointing out that apart from opening more branches, the bank’s costumers, through NMB's mobile can also open accounts through their mobile phones.
“This mobile service platform is convenient especially to rural based people who have no access to our physical branches,” the acting NMB CEO added while also reiterating that through its corporate social responsibility, the Dar es Salaam based lender has allocated over 1bn/- to finance community projects with Simiyu region having received over 200m/- to implement education and health projects.
Speaking at the same ceremony, Deputy Minister of Finance and Planning, Dr Ashatu Kijaji ordered Bank of Tanzania to meet with banks and financial institutions to determine how to reduce loan interest rates.
Dr Kijaji said the government through BoT has already reduced interest rates on banks and financial institutions from 16 percent in 2016 to seven per cent hence the relief should immediately go down to consumers.
"Commercial banks and financial institutions have continued to charge interest rates between 17 and 20 percent despite the BoT interest rates reduction from 16 percent in 2016 to seven percent," she wondered while tasking the central bank to reign in runaway interest rates.
Addressing the public during the launch, Vice President, Samia Suluhu Hassan said a stable financial sector is an important segment for rapid economic growth hence called on banks and financial institutions to strengthen their operations.
“As government, I can assure you that we will continue to create a better business environment for the private sector to flourish,” the VP promised while congratulating NMB Bank for sustained growth and profitability which has enabled Treasury to earn over 586bn/- through various taxes and levies.
