Kitomari Banking & Finance Blog is a premier site for banking, finance, business, economic, investment and stock market news as well as selected informative articles from Tanzania, East Africa and the rest of the World. We operate 24 hours a day, 365 days a year with complete context, perspective and precision.
Friday, 29 January 2021
MANCHESTER UNITED KUKIPIGA NA ARSENAL JUMAMOSI HII. USIKOSE KUTAZAMA MECHI HII LIVE NDANI YA DStv
Haya sasa mashabiki wa Man United wanasema wao wenyewe ni mashetani hawahitaji ulinzi!
Kutana nao Jumamosi hii wakikipiga na Arsenal ndani ya Emirates Stadium!
Watawezana kweli au watapoteza points na kushuka nafasi ya tatu?
Usikose kutazama mechi hii kupitia kifurushi Compact, cha kufanya wewe mteja wa Bomba piga *150*53# kulipia kifurushi cha Family TShs 29,900 tu na DStv ikupandishe hadi kifurushi Compact utazame mtanange huu Live.
#pandatukupandishe
#SokaLisiloPimika
BENKI YA ABSA YATOA MSAADA WA VIFAA VYA USAFI KWA SHULE ZA DODOMA
Mwanafunzi wa Shule ya Ipagala B, Jesca Saimon pamoja na mwenzake wakinawa mikono baada kukabidhiwa vifaa vya usafi kutoka Benki ya Absa shuleni kwao, Dodoma jana. |
BENKI YA NMB YAWEKA REKODI KUPATA FAIDA ZAIDI YA SH. 295 BILIONI KABLA YA KODI NA KUWA TAASISI YA KWANZA YA KIFEDHA NCHINI KUFIKIA KIWANGO HIKI
- Faida baada ya kodi imefika TZS 205.5 bilioni ambacho pia ni kiwango kikubwa zaidi kwa sekta ya fedha Tanzania.
Akizungumzia matokeo hayo, Afisa Mtendaji Mkuu wa Benki ya NMB, Bi. Ruth Zaipuna amesema yametokana na utendaji imara uliojielekeza kukuza mapato na kuongeza ufanisi kwa kutumia teknolojia na kupunguza gharama za uendeshaji.
“Kwa miaka mitano iliyopita, Taifa lilishuhudia ukuaji endelevu wa uchumi uliochangiwa na sera makini za fedha na kodi. Ni kutokana na mazingira haya wezeshi pamoja na utekelezaji makini wa mpango mkakati wa Benki tumefanikiwa kupata matokeo haya mazuri yaliyosaidia kukua kwa faida tuliyoipata,” amesema.
Faida ya Benki kabla ya kodi iliongezeka kwa asilimia 40 kutoka TZS 211.1 bilioni iliyopatikana mwaka 2019 mpaka TZS 295.4 bilioni mwaka 2020 huku faida baada ya kodi nayo ikiongezeka kwa asilimia 45 kutoka TZS 142.2 bilioni mwaka 2019 hadi TZS 205.5 bilioni mwaka 2020 na kuifanya kuwa benki ya kwanza nchini kupata faida kubwa kiasi hicho.
Taarifa zake za fedha zisizokaguliwa pia zinaonyesha faida hiyo imechangiwa na ongezeko la mapato ya biashara yaliyopanda kwa asilimia 15 na udhibiti wa gharama za uendeshaji ambazo ziliongezeka kwa asilimia mbili tu (2%) ndani ya mwaka huo.
Kutokana na mpango mkakati wa Benki wa kuongeza ufanisi wa utendaji na huduma za kidijitali, mapato mengine yaliongezeka kwa asilimia 19 kutoka TZS 224.0 bilioni mwaka 2019 hadi TZS 266.2 bilioni mwaka 2020 yakichangiwa zaidi na ongezeko la wateja waliotumia huduma mtandaoni. Katika kipindi hicho, mapato yatokanayo na riba yaliongezeka kwa asilimia 11 kutoka TZS 518 bilioni za mwaka 2019 hadi TZS 574.0 bilioni mwaka 2020.
Thursday, 28 January 2021
TOTTENHAM WATAKIPIGA NA LIVERPOOL LEO SAA TANO USIKU NDANI YA ULIMWENGU WA MICHEZO SUPERSPORT. NANI KUIBUKA KIDEDEA?
Hapa Tottenham hapa Liverpool ndani ya ulimwengu wa michezo SuperSport nani kuibuka kidedea?
Kupitia mchongo wa Panda Tukupandishe wewe mteja wa Bomba Piga sasa *150*53# kulipia kifurushi cha Family TShs 29,900 tu DStv wakupandishe hadi kifurushi cha Compact.
#PandaTukupandishe
#SokaLisiloPimika
Wednesday, 27 January 2021
LIPA ADA KWA AIRTEL MONEY
- Kulipa na Airtel Money ni njia ya uhakika na salama.
Akizungumza leo jijini Dar Es Salaam, Meneja wa Airtel Money, Philemon Matoi amesema, "kumlipia mtoto karo ya shule kupitia Airtel Money ni nafuu na salama , kwani ndani ya dakika chache unakuwa umefanya malipo bila ya kutoka nyumbani. Hili ni suluhisho kwa wazazi wote na mashule kwa ujumla. Sisi sote tunafahamu kuwa mwezi wa Januari ni moja ya miezi yenye shughuli nyingi kwa wazazi au walezi kwa kulipa karo za shule kwa watoto wao. Hivyo, Natoa wito kwa wateja wa Airtel Money na Watanzania wenzangu kwa ujumla, kutumia Airtel Money kama njia rahisi katika kufanya malipo, ya haraka, salama na ya kuaminika, aliongeza Matoi.
LIPA ADA WITH AIRTEL MONEY
- Paying with Airtel Money is a reliable way of making payments.
Speaking today in Dar Es Salaam, Airtel Money Partners Acquisition Manager, Philemon Matoi said, “paying your child school fees through Airtel Money Lipa Ada is very affordable and easier way of payment in a matter of minutes without ever leaving home. This is a solution for both parents and school. As we all aware that the month of January is one of the busiest months for parents to pay school fees for their children. I call upon Airtel Money customers and Tanzania in general to use Airtel Money as a not only a convenient payment method but also quick, safe and reliable, added Matoi.
For one to pay school fees by use of Airtel Money, he/she should follow the following steps
- Dial *150*60# to access your Airtel Money menu
- Select option 5 Make Payment
- Select option 4: Enter Business Number (Enter School Pay Bill Number)
- Enter the Amount
- Enter the reference number (Student Name & Grade / Student ID Number)
- Enter PIN.
BANK OF TANZANIA MONETARY POLICY COMMITTEE STATEMENT
The MPC observed that, since its previous meeting, the economy continued to demonstrate satisfactory performance, despite global spillover effects of COVID-19. In the first half of 2020, growth averaged 4.9 percent, largely driven by construction, agriculture, transport, and mining and quarrying. Inflation remained low in the last six months of 2020, ranging from 3.0 to 3.3 percent, attributable to adequate food production and supply, low oil prices, and stable exchange rate. The external sector sustained satisfactory performance, bolstered by exports, particularly gold, crops, and manufactured goods. Foreign reserves, remained adequate, covering more than 5.6 months of imports. The performance of Government fiscal operations was on track, with improving tax revenue.
The MPC noted that, implementation of accommodative monetary policy succeeded in lowering short-term interest rates, thus creating favourable conditions for increase in trade and investment. Private sector credit growth averaged 5.1 percent in the last six months of 2020, and is expected to regain momentum in the second half of the fiscal year 2020/21, as the global economy normalizes. The banking sector remained profitable and adequately capitalized, with capacity to withstand shocks.
VODACOM YASUKUMA MBELE MATUMIZI YA KIDIJITALI NCHINI KWA KUZINDUA SIMU JANJA MBILI SOKONI
Simu hizo mbili, ambazo ni Tecno RC6 (Tecno Babkubwa) zinakuja na ofa maalum ya GB 60 bure kwa miezi 12, wakati ofa kwa Itel AC13 (Itel Kitonga) ni GB 48 bure kwa miezi 12, zote kutoka Vodacom Tanzania PLC.
Akizungumza na waandishi wa habari leo, Mkuu wa Mauzo na Usambazaji wa Vodacom, George Lugata, alisema ili kufanikisha maono ya Vodacom ya kuiweka Tanzania katika ulimwengu wa kidijitali, "ni lazima tuhakikishe kuwa wateja wetu wanapata huduma za Mtandao na mawasiliano kwa bei nafuu na ubora bila kizuizi chochote," alisema.
WASHINDI 12 WA DROO YA MWEZI WA PILI YA NMB MASTABATA SIYO KIKAWAIDA WAPATIKANA
Promosheni ya Mastabata Siyo Kikawaida inayoendeshwa na Benki ya NMB, ni kampeni inayolenga kuhamasisha matumizi na manunuzi kwa Kadi za NMB Mastercard na Masterpass QR, ilianza Novemba 24, 2020, ikitoa zawadi za Sh. 100,000 kwa washindi 40 kila wiki na washindi 12 wa Sh. Mil. 2.4 kila mwezi kila mmoja.
Akizungumza wakati wa droo hiyo ambayo ni ya pili kati ya tatu za mwezi, Mkuu wa Biashara ya Kadi wa NMB, Philbert Casmir, amesema katika droo saba zilizotangulia (sita za wiki na mbili za mwezi), zimewawezesha washindi wapatao 304 kujizolea zawadi za TZS. 87.6
Tuesday, 26 January 2021
JUMATANO HII, MANCHESTER UNITED WATAKIPIGA NA SHEFFIELD UNITED NDANI YA DStv SS FOOTBALL 225
Jumatano hii, Manchester United watakipiga na Sheffield United ndani ya Bomba kwa TShs 19,900 tu kupitia SS Football 225.
Piga sasa *150*53# kulipia kifurushi chako utazame Live kivumbi hiki.
#SokaLisiloPimika
#PandaTukupandishe
Monday, 25 January 2021
WANAFUNZI WA KING'ONGO WAFURAHIA NEEMA YA MADAWATI KUTOKA BENKI YA NMB YENYE THAMANI YA MILIONI 40
Wanafunzi wa Shule ya Msingi, King'ongo wakibeba madawati yaliyotolewa na Benki ya NMB wakati wa hafla iliyofanyika katika Shule hiyo iliyopo Ubungo jijini Dar es Salaam. |
Wakizungumza kwa nyakati tofauti wananchi na wazazi wa wanafunzi wanaosoma katika shule hizo mbili, walisema kwa muda mrefu asilimia kubwa ya wananfunzi walikuwa wakikaa chini kutokana na uhaba wa madawati, hivyo msaada huo ni neema kubwa kwao.
“Makaratasi.. tupa kule.. visalfetii tuupa kulee,” walikuwa wakiimba wazazi hao wakati Mkuu wa Mkoa wa Dar es Salaam, Aboubakar Kunenge akipokea madawati 150 kwa ajili ya shule ya King’ongo kutoka Benki ya NMB.
Sunday, 24 January 2021
COCA-COLA KWANZA BACKS GOVERNMENT EFFORTS TO IMPROVE LEARNING ENVIRONMENT BY DONATING DESKS WORTH 10M/-
JOHNNIE WALKER WAITARA TROPHY YAWALETA PAMOJA WACHEZAJI 180 KUTOKA NJE NA NDANI YA NCHI
Saturday, 23 January 2021
JUMAPILI HII MANCHESTER UNITED WATAVAANA NA LIVERPOOL NDANI YA DStv
Ni mwendo wa bandika bandua hakuna kupoa ndani ya FA Cup Jumapili hii Manchester United watavaana na Liverpool ndani ya kifurushi Bomba TShs 19,900 tu..
Piga *150*53# kulipia kifurushi Bomba mapema au piga sasa 0659 07 07 07 kujiunga na DStv kwa TShs 79,000 tu ili usikose mechi hii.
#PandaTukupandishe
#sokalisilopimika
Friday, 22 January 2021
DAR ES SALAAM REGION TOPS IN REVENUE COLLECTION
Dar es Salaam has outshined other regions, retaining its top spot in revenue collection, which rose by 7 per cent in the first half of this fiscal year, from the same period last year, it has been revealed.
Minister of State (President's Office Regional Administration and Local Government), Selemani Jafo named the best performing regions in revenue collection as Dar es Salaam 89.12 billion, Dodoma 24.44 billion, Mwanza 19.56 billion, Mbeya 19.43 billion and Coast 18.28 billion.
The collections were a result of service levy, produce levy, business operating licences and user fees.
Ilala Municipality topped other Municipals in revenue collection with 30.67 billion, Kinondoni 21.83 billion, Dodoma 18.53 billion, Temeke 17.41 billion and Arusha 9.39 billion.
BENKI YA NMB YAJIPANGA KUSAIDIA KUFUFULIWA ZAO LA MKONGE NCHINI
Afisa Mkuu wa wateja Binafsi na Biashara wa Benki ya NMB - Filbert Mponzi akizungumza katika mkutano wa wadau wa zao la mkonge uliofunguliwa na Waziri Mkuu, Kassim Majaliwa jijini Tanga. |
Benki ya NMB imesema kuwa itahakikisha inaendelea kutoa huduma za kifedha kwa kushirikiana na wadau mbalimbali katika kufufua zao la Mkonge na kuboresha uchumi wa wakulima wa zao hilo nchini. Hatua hiyo inakuja baada ya serikali kuanza mikakati ya kuhakikisha zao hilo linafufuliwa na kuwanufaisha wakulima na taifa kwa ujumla kama ambvyo ilivyokuwa miaka ya nyuma.
Akiongea mbele ya Waziri Mkuu Kassim Majaliwa wakati wa kikao cha wadau wa Mkonge kilichofanyika jana Mkoani Tanga, Afisa Mkuu wa Wateja Binafsi na Biashara wa Benki hiyo - Filbert Mponzi, alisema kuwa NMB itaendeleza jitihada za kufufua zao hilo ambazo imezianza.
Alisema kuwa tangu serikali imeanza kulifufua zao hilo Benki hiyo imekuwa ikitoa ushirikiano ambapo imetoa zaidi ya Bilioni 1 kwa ajili ya ununuzi wa matrekta 11 na trela 22 vifaa ambavyo vitapunguza gharama ya uendeshaji na kuongeza tija na pato la wakulima wadogo wa mkonge.
Aidha aliongeza kuwa Benki hiyo imeendelea kutoa mikopo ya pembejeo na uendelezaji wa mashamba ya Mkonge kwa wakulima wadogo, kati na wakubwa ili kuongeza uzalishaji na mapato ambapo zaidi ya shilingi bilioni 6 zimeshatolewa kwa wakulima wa mkonge.
Alisema kuwa NMB imefanikisha kufungua akaunti kwa wakulima zaidi ya 1,500 ambapo akaunti hizo zinajumuisha wakulima mmoja mmoja na wale wanaozalisha kupitia Vyama vya Msingi.
DStv YAZINDUA CHANELI MAALUM YA 007 JAMES BOND
Chanei hii maalum itakuwa kwamuda kuanzia Ijumaa Januari 22 hadi Jumapili Januari 31, 2021 na itakuwa DStv chaneli 111.
Chaneli hii maalum itakuwa katika vifurushi vya Compact, Compact plus na Premium. Kwa siku hizo kumi wapenzi wa filamu za James Bond watashuhudia filamu kali zilizotingisha ulimwengu wa filamu zilizoigizwa na waigizaji maarufu wakiwa kama James Bond wakiwemo Pierce Brosnan, Sean Connery, Roger Moore, bila kumsahau muigizaji wa sasa Daniel Craig.
Chaneli hii itazionyesha filamu za James Bond mfululizo kuanzia ile ya Dr. No (ya mwaka 1962), hadi ile ya Spectre (ya mwaka 2015).
Wateja wa DStv wa vifurushi vya Compact, Compact plus na Premium wataburudika na filamu hizo ambazo pia zitapatikana katika DStv Catch Up hadi Februari 28, 2021
Kwa wateja wa DStv vifurushi vya Bomba na Family wanaweza kupata chaneli hii kupitia chaneyi ya nyongeza ‘ad on’ ambayo ni M-Net Movies 1 (channel 104), M-Net Movies 2 (channel 106), na fliekNet (channel 149).
Kwa maelezo zaidi tembelea ukurasa wa M-Net Movies m-net.dstv.com.
Thursday, 21 January 2021
MAKING HOUSING AFFORDABLE AND ACCESSIBLE WITH MARKET-BASED SOLUTIONS: INNOVATIVE FINANCING TO ADDRESS HOUSING IN TANZANIA
Challenge
One of Tanzania’s greatest long-term developmental challenges has been providing citizens with access to decent and affordable housing. While it’s been a government priority, interventions had limited success before 2010, even with a rapid urbanization and an increased demand for affordable housing and housing finance, especially by the lower and middle-income segments of the population. The lack of access to affordable housing impacted people’s well-being, including: safety, hygiene and health issues (lack of access to clean water, safe toilets, dust in the house and extreme heat); preventable illness (malaria or dengue); and access to basic needs of living, such as electricity which also impacted education and access to information. Often, the lower and middle-income population had no option but to save money to gradually build their own houses over several years, sometimes decades, while they rented or lived in poor or unfinished houses.
Approach
The Tanzania Housing Finance Project demonstrates the best of the World Bank’s innovation and risk-taking during project design and implementation, reflecting principles of Maximizing Finance for Development. To expand the housing finance market, the Tanzania Mortgage Refinance Company (TMRC) was created to provide medium-and-long-term liquidity to mortgage lenders. A Housing Microfinance Fund was also created to provide medium-term liquidity to microfinance institutions, offering housing microfinance loans to the low-income population. To ensure financial viability and sustainability of the TMRC beyond the project period, the World Bank helped design its access to capital markets through bond issuances. The project showed that private capital, even in less-developed financial markets, can be mobilized successfully through judicious public investments in relatively large volumes, compared to overall credit market size. Through two extensions, two restructurings, and additional financing, the World Bank stayed with the project for nearly 10 years.
HEAD OF STATE HAILS TANZANIA AGRICULTURAL DEVELOPMENT BANK FOR LOANS TO INVESTORS
TADB Managing Director, Japhet Justine. |
President John Magufuli has praised the Tanzania Agricultural Development Bank (TADB) for affordable loans it issues to local investors, urging it to expand its services to pastoralists marginalised in national economic growth.
Laying a foundation at the Kahama Fresh Dairy factory in Kihanga Ward, Kagera Region on Tuesday, the President said that he believed many pastoralists are honest, hence, should be provided with affordable loans.
Elaborating, he praised TADB Managing Director, Japhet Justine, saying the bank not only issues supportive loans but also offers consultation to clients on how to run businesses with the money borrowed and pay back with ease.
GOVERNMENT, INVESTORS AGREE ON 50/50 NICKEL MINING JOINT VENTURE
The Government and investors from three countries on Tuesday signed a joint venture agreement for the extraction of nickel, kobellite and copper at Kabanga in Kagera Region.
President John Magufuli witnessed the signing in Bukoba Municipality in a deal that will see the Government get 50 per cent of the proceeds and another 50 per cent will go to investors from the United States, the United Kingdom and Australia.
The mining will be carried out under the newly established Tembo Nickel, to oversee production of the mineral.
NICKEL PROJECT BRINGS FRESH HOPES
The much awaited Kabanga Nickel Project in Ngara District, Kagera Region, will soon start operations, bringing fresh hopes to many Tanzanians in terms of employment creation and national economic growth.
Kabanga Nickel, being an active mine exploration project is about to start operations after the government on Tuesday signed a contract with a United Kingdom based investor, LZ Nickel Limited.
Witnessing the signing ceremony, President John Magufuli said timely execution of the project will guarantee provision of employment in the surrounding areas and that the country will definitely benefit from the project.
AFRICAN DEVELOPMENT BANK, EUROPEAN INVESTMENT BANK SIGN JOINT PARTNERSHIP ACTION PLAN TO FAST-TRACK DEVELOPMENT IN AFRICA
The Joint Action Plan was developed following an EIB delegation meeting with the African Development Bank in February 2020 |
ABIDJAN, Ivory Coast, January 20, 2021/ -- The African Development Bank (AfDB) (www.AfDB.org) and the European Investment Bank (EIB) today signed a joint partnership action plan highlighting their strengthened cooperation and mutual development priorities and a strong shared emphasis on boosting public and private sector investment in Africa. |
EXPRESSION OF INTEREST FOR NMB BANK PLC BOARD MEMBERSHIP
It provides banking services to a customer base reflective of Tanzania as a whole, and this includes Government and state-owned institutions, large corporates and institutions, micro, small and medium enterprises (MSME), civil servants and salaried employees, farmers and cooperatives, and reaches out to traders and the unbanked.
NMB is currently looking for one (1) dynamic Independent non-Executive Board member with expertise to effectively support the growth ambitions of the Bank.
The Board members are responsible for providing strategic guidance and effective oversight to management and promoting ethical and responsible decision making within the Bank. The day-to-day management of the business and affairs of the bank are delegated by the Board to the Chief Executive Officer and other executive officers.
The responsibilities of a Board Member include but are not limited to the following functions:
- Determining and reviewing the business strategy, organizational structure and allocation of resources;
- Governing the bank by establishing and monitoring policies and objectives and establishing proper delegation of authorities;
- Selection, appointment, supporting, assessing and remunerating Executive Management (EM);
- To monitor EM for their execution of policy, strategy and operations through setting clear goals;
- Determining proper financial management practices and approving the annual budget;
- Determining that adequate risk management practices are implemented;
- Monitoring compliance with the law, statutes and internal and external regulations;
- Understanding and taking into account the interests of shareholders and relevant stakeholders.
Wednesday, 20 January 2021
MECHI ZA #EPL JUMATANO HII ZINAZIDI KUBAMBA NDANI YA DStv
Mechi za #EPL Jumatano hii zinazidi kubamba!
⚽ Man City vs Aston Villa
⚽ Fulham vs Man United
Ni upi mtazamo wako?
Usipitwe na mitanange hii itakayoruka Live ndani ya SS Premier League, 223 na kupitia ofa ya "Panda Tukupandishe" wewe mteja wa Bomba piga *150*53# kulipia kifurushi chako mapema cha Family TShs 29,900 tu ili DStv wakupandishe hadi kifurushi cha Compact ushuhudie mitanange hii.
#SokaLisilopimika
#PandaTukupandishe
JOB VACANCY AT NMB BANK - SENIOR MANAGER; ENERGY POWER & UTILITIES SECTOR
To lead the Energy, Power & Utilities sector, providing leadership and support to relationship managers within the sector to drive growth across Corporate Banking businesses and providing strategic solutions for the clients.
Main Responsibilities
- Manage Relationship Managers to ensure that work standards, quality work and budgetary targets are set, achieved and maintained within the sector
- Manage the performance contribution of Relationship Managers through proper performance evaluation and feedback.
- Identifying strengths and development areas and ensuring that Relationship Managers receive the requisite learning and skills development interventions.
- Coach and mentor Relationship Managers.
- Manage the development of prudently priced assets, cost effective short, medium to long-term liability with reputable corporate companies and organizations in order to ensure the Bank’s maximum profitability.
- Support Relationship Managers to gather information and first level review of the credit applications, memos, strategic reports in order to manage Banks and customer expectations.
JOB VACANCY AT NMB BANK - SENIOR MANAGER; MANUFACTURING & TRADING SECTOR
To lead the Manufacturing & Trading sector, providing leadership and support to relationship managers within the sector to drive growth across Corporate Banking businesses and providing strategic solutions for the clients.
Main Responsibilities
- Manage Relationship Managers to ensure that work standards, quality work and budgetary targets are set, achieved and maintained within the sector
- Manage the performance contribution of Relationship Managers through proper performance evaluation and feedback.
- Identifying strengths and development areas and ensuring that Relationship Managers receive the requisite learning and skills development interventions.
- Coaching and mentoring of Relationship Managers.
- Manage the development of prudently priced assets, cost effective short and medium to long-term liability with reputable corporate companies and organizations in order to ensure Bank’s maximum profitability.
ARISE B.V. (ARISE) ACQUIRES 34.9% OF RABOBANK STAKE IN NMB BANK PLC IN TANZANIA
Arise CEO, Deepak Malik. |
Arise Chief Executive Officer; Deepak Malik said that the conclusion of the share transfer is a significant milestone for Arise. “The organization’s core mandate is to partner with locally owned sustainable financial institutions to strengthen and develop effective, inclusive financial systems in Africa to contribute to economic growth and poverty reduction. Tanzania is a key investment destination in Sub-Saharan Africa for Arise and we are excited about the collaborative partnership with NMB, which is set to further advance financial inclusion in Africa,” said Mr. Malik.
Speaking on the share transfer, NMB Chief Executive Officer, Ruth Zaipuna, said: “The successful completion of the share transfer is a testament of investors’ confidence on the Institution and the Country at large. The collaborative partnership between Arise and NMB is envisaged to deliver substantial operational, commercial, organizational and financial benefits with long-term market returns that go beyond stakeholders’ expectations,’’ she added.
NMB is Tanzania’s largest bank by assets according to the third quarter 2020 financial results. Its total assets increased to a record TZS 7.0 Trillion in the third quarter last year up from TZS 6.1 Trillion from the third quarter in 2019. NMB is also the most profitable bank in Tanzania, having recorded an impressive TZS 145 Billion net profit in the quarter ended 30 September 2020 up from TZS 82 Billion registered in 2019.
Undoubtedly this long-term investment by Arise will support NMB’s future growth aspirations and spur economic growth and the prosperity of Tanzanian’s, through increased financial inclusion, and the growth of Retail, Small Medium Enterprises (SMEs) and Agriculture sectors. Arise will support the growth and development of NMB through providing amongst others access to international standards of best practice and expertise across an array of business areas.
“We are confident that this partnership will yield positive benefits for both NMB and Arise in the future,” concluded Mr Malik.
BANK OF AFRICA APPOINTS NEW BOARD OF DIRECTORS CHAIRMAN
Prior to joining BANK OF AFRICA TANZANIA LIMITED, Dr. Nyamajeje Calleb Weggoro worked as Executive Director and member of the Board of Directors of the African Development Bank (AfDB) in Abidjan, Ivory Coast from 2016 to 2019 working diligently and representing the interests of eight countries from the Eastern Africa region: Tanzania, Kenya, Uganda, Ethiopia, Rwanda, Eritrea, Seychelles, and South Sudan. Before joining the AfDB, Dr. Weggoro served as Personal Assistant and Advisor to the President of the United Republic of Tanzania (Regional Integration and Economic Affairs), and 2013-2016. He also worked as Director responsible for Productive and Social sectors of the East African Community in Arusha, Tanzania before he was appointed to the President’s Office.
Dr. Nyamajeje Calleb Weggoro brings to the Bank invaluable experience, knowledge and a unique skills set. His core areas of competence are in leadership development, economics, finance, planning and general management, industrial engineering, project planning and capacity building. In many ways Dr. Weggoro has been responsible for the transformation of various African countries through the development plans and projects in the countries he served and represented.