NATIONAL MICROFINANCE BANK, CARE PARTNER TO SERVE THOUSANDS

Director of CARE International, Paul Daniel (second left) and CEO of National Microfinance Bank PLC (NMB), Ineke Bussemaker, jointly launch the rolling out of specialized financial products friendly to rural-based groups at an event held in Dar es Salaam yesterday. Right is NMB Acting Chief Retail Banking, Abdulmajid Nsekela and the Director of Gender and Women Development of CARE International, Oliver Kinabo.

The National Microfinance Bank has teamed up with the global humanitarian giant CARE International to develop unique financial inclusion model aimed at extending loans to thousands of groups.

The NMB Managing Director Ms Ineke Bussemaker said in Dar es Salaam yesterday that the partnership aims at providing financial solutions to over 10,000 financially-excluded groups which is equal to 25,000 people across the country.

“Through the partnership with CARE, we take a significant step towards reducing Tanzania’s dependence on cash and enhancing financial inclusion in the country,” she said.

She added, “Achieving the two goals would result in a more empowered, inclusive economy, where those who are already included in the financial mainstream are able to better live the lives they want and those excluded to participate in the formal economy to build self determined lives,” She said the targeted groups mainly village saving and loans associations (VSLAs) will benefit from the new NMB Pamoja Account by linking with the bank having the widest network in the country.

NMB Pamoja Account is designed to serve the needs of the VSLA’s established to address issues of security and risks associated with keeping money in their homes. The account will also incorporate NMB mobile to facilitate transactions between these groups with other accounts.

During the product pilot, they linked a number of groups through opening of NMB Pamoja account and NMB ChapChap account.

NMB and CARE have developed and piloted the product with 300 VSLAs in Morogoro, Unguja and Pemba and are expanding collaboration to other regions.

On his part, CARE Tanzania Country Director Mr Paul Daniels said through the partnership they hope to provide access to more than 10,000 people targeted by reaching tens of thousands of similar groups.

“The new product holds promise for reaching both NMB and government’s goal of increasing financial inclusion among women in Tanzania. Nearly 80 per cent of all VSLA members are women,” he said.

On her part, CARE Tanzania Gender Coordinator said NMBCARE Tanzania collaboration breaks new ground pioneering a new financial inclusion model.

The move is expected to pave way for more investment and participation of other players in the financial sector. “As a result of this effort, more women, their households and community will benefit through economic empowerment.

It will also improve their voice and status in the community,” she said.

Daily News