NMB BANK, VICOBA INK FINANCIAL SOLUTION DEAL

NMB Bank Managing Director Ineke Bussemaker.

In Summary
Established in August last year, Viguta seeks to provide efficient management of Village Cooperative Banks (Vicoba) for the benefit of members across the country.

Dar es Salaam. NMB Bank has struck a partnership deal with Vikoba Groups Union of Tanzania (Viguta) through which the former will provide financial solutions to thousands of the latter’s members across the country.

Established in August last year, Viguta seeks to provide efficient management of

Village Cooperative Banks (Vicoba) for the benefit of members across the country.

Under the partnership, NMB will provide financial solutions to financially excluded groups across the country under its products that are tailor-made for customers in that category, according to NMB managing director Ineke Bussemaker.

"The groups and members will benefit from NMB Pamoja and Chap Chap accounts for both deposits and convenient safe payment platform," noted Ms Bussemaker.

NMB’s Pamoja Account specifically offers financial services – including loans - to people who come in groups such as Vicoba and Savings and Cooperative Societies (Saccos) among others while its ChapChap (Instant) product allows a person to open an account with the bank within ten minutes.

The new partnership, according to Ms Bussemaker, aims at providing a savings and lending platform for all Vicoba groups across the country.

"This account is highly recommended to all informal groups – whether they are family based, women groups and even WhatsApp ones - which are formed for the intention of savings and lending," said Ms Bussemaker.

The Citizen