NMB BANK PLEDGES ONGOING SUPPORT FOR EDUCATION DEVELOPMENT

NMB has reaffirmed its long-term commitment to continue supporting education sector development in Tanzania as part of implementation of the bank’s Corporate Social Investment (CSI) strategy.

Speaking during an event to commemorate the 20th Anniversary of the Higher Students Loan Board (HESLB) held in Dar es Salaam, NMB Chief Finance Officer (CFO) Juma Kimori said his bank has for years been at the forefront of supporting education sector development right from primary to university level.

Kimori during the event commended the sixth phase Government for its deliberate efforts aimed at uplifting development of education sector adding that education is key to sustainable economic development.

“NMB has been at the forefront of supporting education sector development as part of our deliberate efforts to compliment the Government. Through our partnership with the Ministry of Science and Technology, we have earmarked 200bn/- in loans at an interest rate of 9% for parents and guardians who want to upgrade their education levels or pay tuition fees for their children at higher learning institutions”.

Kimori noted that the education sector has been a key priority in the bank’s CSI strategy for years now adding that the bank has in the past two years donated 26,000 desks that has created a conducive learning environment for 79,800 students in 427 schools across the country.

“In the same spirit, we have also donated roofing sheets to 70 schools as part of our efforts to boost development of the education infrastructure and donated 2,511 double decker beds that benefited 5,022 students in boarding schools,” he said.

Kimori added that the NMB Foundation through its “Nuru Yangu” Scholarship and Mentorship Program has also set aside 1bn/- to support Form 6 candidates from vulnerable families to pursue higher education and enable them realize their dreams.

“So far, 130 students have benefited from this program and have been enrolled to various higher learning institutions across the country. We plan to extend this to vocational centers in the near future,” he added.

Kimori said the bank has integrated its system with the HESLB creating a Digital Disbursement Solution (DiDis) that has helped to create a more secure and seamless loan services for students.

On his part, the Prime Minister Kassim Majaliwa during the event challenged the HESLB to come up with a database of higher education loans beneficiaries including those supported by other sources including banks.

“We cannot solely rely on figures from HESLB. There may be more student loan beneficiaries supported by various players including NMB. This database should be updated every year,” Majaliwa added.