Mbeya, Tanzania – NMB Bank has announced that it is now able to lend a single customer more than Sh500 billion to support business operations and other productive activities, including agriculture, livestock, manufacturing, and mining, thanks to its strong capital base.
The bank’s Head of Business Banking Department, Alex Mgeni, revealed this recently in Mbeya during a special engagement with business leaders from the Southern Highlands regions under the NMB Business Club platform.
Mgeni said the aim of providing these loans is to stimulate customers’ business growth, with solutions tailored to match the amount of financing each client requires. He also encouraged customers to embrace NMB’s digital channels such as NMB Mobile and Internet Banking, noting that these services save both time and the cost of visiting branches.
“In addition, the bank has introduced a loan product for clean cooking energy for businesses, with an interest rate of 1% per month or 12% annually,” he added.
Speaking at the same event, Nsolo Mlozi, Head of the Agriculture Unit at NMB, highlighted that a large proportion of clients in the Southern Highlands are engaged in activities across the agricultural value chain. He said many borrow to acquire farm machinery, vehicles for transporting produce, or to purchase inputs.
He further noted that food crops such as potatoes and rice have increasingly shifted into commercial crops as farmers scale up production. “We also intend to start providing loans for irrigation equipment to boost productivity and address the challenges of climate change,” said Mlozi.
On his part, Wogofya Mfalamagoha, NMB Bank’s Highlands Zone Manager, emphasized that NMB remains the largest bank in Tanzania, with a presence in every district and extensive coverage even in rural areas. He revealed that the bank has grown its agency network from 20,000 agents two years ago to 60,000 agents nationwide, reinforcing financial inclusion.
Customers who attended the event commended NMB for its support and proximity to their businesses. Engineer Ralph Makundi, one of the participants, said loans from NMB enabled him to secure large contracts and scale his construction company. “When I first started borrowing, my company was in the sixth tier, but today we are in the top tier thanks to the support we received from NMB,” he said.
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