NMB, IFC & MASTERCARD PARTNER TO ENHANCE FINANCIAL ACCESS FOR WOMEN IN TANZANIA

Washington, D.C.

United States of America

NMB Bank Plc has partnered with the International Finance Corporation (IFC) and Mastercard to launch the "Banking on Women Advisory Project." This initiative aims to enhance their existing Jasiri Proposition to better attract, retain, and grow women-led businesses in Tanzania.

The three institutions signed the agreement on Thursday, October 24, 2024, during the International Monetary Fund-World Bank Group 2024 Annual Meetings in Washington, DC. NMB Bank’s delegation was led by Chief Financial Officer Juma Kimori, accompanied by Treasurer, Aziz Chacha and Senior Manager of Products, Beatrice Mwambije.

Current data from Financial Sector Deepening Tanzania (FSDT) shows that only 22% of Tanzanians utilize commercial banking services. When viewed through a gender lens, that number drops to just 15%. The challenges are even more pronounced in rural areas and among non-formalized businesses. As the largest commercial bank in Tanzania, NMB Bank Plc recognizes the urgent need to address this situation.

This four-year project aims to develop a comprehensive customer value proposition that addresses both the financial and non-financial needs of women and women-led enterprises, whether in urban or rural settings. By leveraging primary customer research and non-traditional data sources, NMB Bank will create tailored solutions that effectively respond to the unique challenges faced by women entrepreneurs.

Additionally, the project will focus on capacity building for NMB staff, enhancing sales and service models while promoting financial literacy and access for their customers.

NMB Bank Plc believes every woman in Tanzania deserves access to the financial tools necessary for success. Gender equity and economic empowerment are at the forefront of their strategic priorities. This partnership represents a crucial step in their gender inclusion strategy, reinforcing their commitment to addressing the unique financial challenges women face.