NMB BANK SINGLE BORROWER LIMIT HITS TZS 515 BILLION

NMB Bank's single borrower limit (SBL) hit 515bn/- in May this year as compared to 420bn/- recorded during Quarter Three (Q3) last year attributed to the bank's robust performance last year, the NMB Bank Temeke Branch Manager Kidawa Masoud has revealed.

This is probably the largest amount offered to a single borrower in Tanzania's banking and finance sector at the moment.

Speaking during the official opening of the 48th Dar es Salaam International Trade Fair (DITF) in Dar es Salaam yesterday, Masoud said the bank’s asset base currently stood at 12.2trn/- as per the bank’s financial audited results.

“Our balance sheet has continued to grow year-on-year. We recorded a Profit After Tax (PAT) of 542bn/- last year being a 26% growth in profitability so we have a strong financial muscle and we are in position to offer a single borrower limit of 515bn/-,” Masoud said.

NMB Bank’s solid balance sheet this year, the lender has increased the Single Borrower Limit (SBL) to 515bn/ from 420bn/- during Q3 2023 and 325bn/- that was offered to a single borrower in Q3, 2022.

She added that the bank has dished out 585bn/- to various Micro, Small and Medium Enterprises (MSMEs) across the country in the first five months this year as part of the bank’s commitment to boost the industrial sector value chain.

“The sixth phase government has done a tremendous job in ensuring that there is a conducive business environment, as a bank, we will continue to offer seamless financial services to ensure that MSMEs prosper.”

Masoud during the event reiterated the bank’s commitment to drive the financial inclusion agenda through its ‘Rural Banking’ scheme that seeks to take financial services right at grass roots levels in its efforts to bridge the unbanked gap.

She said potential customers can open up an NMB Pesa account at only 1000/- that comes with a lot of benefits including instant loans ranging from 1000/- to 1mln.

“We earlier this year came up with a campaign to reach over 1000 rural villages as part of our long-term commitment to bridge the unbanked gap and the reception so far is amazing. We target to open 1.5 million new bank accounts by the end of this year,” she said.

She during the event reiterated the bank’s commitment to continue investing in technology as part of its long-term efforts to enhance service offerings to its customers across the country.

“We believe investment in technology will enable us evolving into more than just a conventional banking establishment. We are committed to continue delivering digital banking services to our valued customers. To date, 94% of the bank’s transactions are done outside the traditional banking halls,” she said.