WHY NBC SEES LIGHT IN SOUTH AFRICA, THE G20 INCLUSION

Director and Head of Treasury and Markets at NBC Bank, Peter Nalitolela, presents the bank’s corporate products to members of the South African Business Forum in Tanzania during a forum meeting held in Dar es Salaam recently. The event was sponsored by NBC Bank.

South Africa’s High Commissioner to Tanzania, Ms. Noluthando Malepe, (holding a microphone), addresses members of the South African Business Forum in Tanzania during a forum meeting held in Dar es Salaam recently.

Director and Head of Treasury and Markets at NBC Bank, Peter Nalitolela (left), discusses with some of the members of the South Africa Business Forum in Tanzania during the forum's meeting held in Dar es Salaam recently.

South Africa’s High Commissioner to Tanzania, Ms. Noluthando Malepe, (third right), in a group photo with senior leaders of the South African Business Forum in Tanzania led by Manish Thakrar, Chairman of the Forum (second left), and officials of NBC Bank led by Peter Nalitolela, Director and Head of Treasury and Markets (third left).

Dar es Salaam: September 22, 2023 - The National Bank of Commerce (NBC) has reiterated its commitment to promoting business prosperity between Tanzania and South Africa by enabling businesses from both nations to expand and seize more opportunities beyond the borders following Africa Union's inclusion as a permanent member of the European Union's G20.

The commitment was highlighted by Mr. Peter Nalitolela, the Director and Head of Treasury and Markets at NBC Bank. He spoke on behalf of the bank's Managing Director, Mr. Theobald Sabi, at the South Africa Business Forum held in Dar es Salaam recently. The event was also attended by Ms. Noluthando Malepe, the South African High Commissioner to Tanzania.

Mr. Nalitolela mentioned that NBC, through its various financial services such as capital financing, securities, foreign exchange services, and the bank's latest digital payment product called 'NBC Connect', is determined to facilitate more efficient business operations for corporates from both countries. The move will enable them to competitively participate in the new global opportunity.

"We are pleased to see that Her Excellency High Commissioner Ms. Malepe has also encouraged businesses to fully embrace this new G20 market. NBC also assures them that we are prepared to work closely with them to achieve this through our essential financial services designed to meet their needs. These include loans, securities, foreign currency access, and our digital payment product, 'NBC Connect', which allows for seamless transactions, including government payments and fees," he stated.

He further emphasized that NBC has long been a key partner for businesses between South Africa and Tanzania. Mr. Nalitolela mentioned several sectors that the bank has closely focused on, including agriculture, transportation, communications, business, and mining.

Speaking at the forum, Ambassador Malepe referred to Tanzania as one of the best countries for investment, highlighting the numerous business opportunities available. She also emphasized the presence of peace in the country and the longstanding historical cooperation between Tanzania and South Africa as crucial factors in promoting business prosperity between the two nations.

"I urge you to take full advantage of the peace and cooperation we have witnessed with our Tanzanian counterparts to develop your businesses. Whenever you encounter challenges, we welcome you to the embassy for discussions on how to resolve them, as well as explore more opportunities," Ambassador Malepe emphasized.

Mr. Manish Thakrar, Chairman of the South African Business Forum in Tanzania, stated that the forum's goal is to support the government's efforts in attracting more foreign investors to invest in Tanzania. He highlighted the importance of reliable financial services in achieving this important agenda.

"However, the good news is that our longstanding partnership with NBC Bank continues to assure us of excellent financial services. We are further pleased to hear that NBC is encouraging our participation in the G20 market, ensuring more efficient access to capital and numerous other financial services," said Mr. Thakrar, who also expressed interest in NBC Connect - the bank's latest online payment product.