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| Deputy Minister for Finance and Planning, Hon Dr Ashatu Kijaji speaks at the launch. |
- Bank to spearhead economic empowerment through digital financial inclusion as it inspires and supports ‘go-getters’ in their journey to Greatness.
This was said by the NCBA Bank Chief Executive Officer and Managing Director, Ms Margaret Karume during the official launch of the Bank’s Headquarters and branch located at Ohio Street, Amani House in Dar es Salaam.
Speaking at the launch, the Managing Director said that the Bank’s ambition is to inspire go-getters in their journey to Greatness and to accelerate economic growth in the country and beyond. “Through our customer-centred innovation and investment in tailor-made digital banking products, we are ready to facilitate the growth and development of critical sectors of the economy, such as Small and Medium Enterprises, large infrastructure projects and the agricultural sector.’
‘I emphasize that through our digital-first approach, we will continue to innovate and share the best in class technological advances and customer service as we provide exceptional financial services – and products that exceed customer expectations, with internationally accepted standards’, she added.
The event was officiated by the Deputy Minister for Finance and Planning, Hon Dr Ashatu Kijaji who re-iterated the Fifth Phase Government’s strive to build an industrial-based economy under the visionary leadership of His Excellency President, John Joseph Magufuli.
‘We recognize that the strength of any society and economy ultimately depends on the strength of each individual part of society that contribute to the economy.
NCBA Bank have aassured me of their commitment to foster an enabling environment for micro-SME’s and SMEs – to ensure growth and economic empowerment ranging from small and medium enterprises to large corporate organisations. Indeed we are all aware that the development of SMEs is a central component of economic growth because they not only provide employment opportunities to the masses, they are also a key contributor to the country’s GDP and tax revenues.
“To facilitate this, we need a strong financial services sector that can drive financial inclusion across the country and provide the key products and services that increase access to credit and loans with affordable interest rates to accelerate economic growth,’
The “Tanzania Development Vision (TDV) 2025” highlights small and medium-sized enterprises (SME) sector as an important contributor to the country's long-term development. It is estimated that Tanzania's SME sector consists of more than 3 million enterprises which contribute over 27% of overall GDP. The minister explained.
In this vein, the banking sector is an important enabler in providing financial assets and access to credit for micro SME’s and SME’s. This credit is often re-invested into business, resulting in business expansion, profitability and increased earnings for all those involved in the value chain’. she added
The Minister praised NCBA Bank for its steadfast commitment to support Government efforts to create a robust financial sector. ‘I am deeply encouraged NCBA bank for taking action, especially with the M-PAWA product that provides digital access to savings and quick loans via mobile phone, thus fostering financial inclusion, the growth of SMEs and empowering all Tanzanians.’
The Directorate of Financial Sector Supervision, Bank of Tanzania Mr Nassor Omar, who was also present among the distinguished guests at the unveiling, applauded NCBA Bank for its vigour in spearheading digital financial inclusion to ensure everyone has access to financial services.
Mr Omar said, ‘I want to re-iterate, a robust banking system is a cornerstone to building a resilient economy. NCBA Bank’s arrival is, therefore, a great addition to strengthening Tanzania’s position as a middle-income country, which in tandem with the goals of the Fifth Phase Government.”
The launch of the NCBA Bank Tanzania headquarters comes into effect after the merged Bank officially commenced its business operations in Tanzania on the 8th of July this year. In the coming days, NCBA Bank will launch more branches which are already in operation in the regions of Dar es Salaam, Mwanza, Arusha and Zanzibar.
For more information, please contact:-
NCBA BANK TANZANIA LIMITED
Caroline Maajabu Mbaga
Head; Marketing, Communications & Citizenship
Email: caroline.mbaga@ncbagroup.com
Tel: +255 (22) 2295000 / DL: +255 768 987008
ABOUT NCBA BANK (T) LTD
NCBA Bank (T) Limited is a result of the merger of NIC Bank (T) Limited and CBA Bank (T) Limited. The merger follows through the successful acquisition of the majority of the assets and all of the liabilities of CBA by NIC. The Notice of Transfer of Assets and Liabilities was published in the Government Gazette on the 17th of January 2020 (as GN No.48) and in leading local newspapers. The Notice of Transfer of Assets and Liabilities was issued in line with section 4 of the Transfer of Businesses (Protection of Creditors) Act, Cap 327 R.E 2002.
The issuance of a banking license by The Bank of Tanzania paves the way for the two organizations to start operating as NCBA Bank (T) Ltd officially.
The merger creates one of the largest financial services groups in the region, a bank with the financial strength, expertise, and regional reach to support Tanzania and the regions’ economic growth aspirations. The group is strongly placed to play a bigger and more significant role in the banking sector and economies of Tanzania, the region and beyond.
It brings together the best in class retail and corporate banks with strong potential for growth in all aspects of banking and wealth management.
The merged entity will be a Universal Bank suitable and relevant for a wide demographic of customers, providing a full range of financial products and services for corporate, institutional, SME and consumer banking customers, who will benefit from strong relationship management and customer service excellence.
A proudly African Bank operating as an international bank with global standards, NCBA Bank is;
- One of the largest banks by customer numbers in Africa with a complementary base of over 40 million customers across Africa and the region, a strong digital proposition and a robust corporate and asset finance offering. NCBA Bank currently has 12 branches in Tanzania in Dar es Salaam, Arusha, Mwanza and Zanzibar.
- Amongst the largest financial institutions in the East Africa region and the 3rd largest Bank in Kenya with a total asset base in excess of KES 444 Billion (Tsh 9,324bn) and Shareholders’ Equity of KES 65 Billion (Tsh 1,365).
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