NCBA BANK TANZANIA CLOSES 2024 WITH TZS 26 BILLION PROFIT AND RENEWED PURPOSE

NCBA Bank Tanzania has closed the year 2024 with a powerful declaration of growth and resilience, posting a Profit After Tax of TZS 26 billion, representing a 30% increase compared to 2023. This milestone performance is a result of a well-executed transformation strategy led by a visionary management team and a supportive Board of Directors all under the stewardship of Managing Director, Claver Serumaga.

After navigating the complexities of a post-merger restructuring, NCBA has emerged not just as a stable bank, but as one of the fastest-growing institutions in the Tanzanian banking space. A key highlight of the year’s performance is the bank’s Return on Equity (ROE) of 33.5%, demonstrating a strong return on shareholders’ investment and solidifying the bank’s ability to create sustainable value.

This achievement reflects more than financial metrics it tells the story of a leadership team that reimagined what the bank could become, invested in its people and technology, and committed to a strategy that prioritized impact as much as income.

One of the most significant milestones was the launch of NCBA Now, a digital banking platform that places the bank directly in the hands of customers enabling them to save, transact, borrow, and pay conveniently via mobile. NCBA Now has accelerated digital adoption across the bank’s portfolio and anchored its push toward modern, agile banking services.

Simultaneously, M-Pawa, NCBA’s mobile savings and lending product in partnership with Vodacom, recorded notable growth in 2024 giving thousands of Tanzanians access to quick loans and safe savings without visiting a branch. From rural farmers to city vendors, M-Pawa continues to open doors for financial inclusion across the country.

Commenting on the performance, Claver Serumaga, Managing Director of NCBA Bank Tanzania, stated: “We are proud of the work done by our teams, and we remain grateful for the trust of our Board, our customers, and our regulators. Our Return on Equity at 33.5% is a result of disciplined strategy, operational excellence, and unwavering belief in the power of purpose-led banking.”

Internally, the bank has doubled down on culture transformation driving collaboration, agility, and innovation across departments. Staff engagement has risen, customer experience has improved, and digital processes have enhanced both speed and efficiency.

As the bank steps into 2025, its strategy remains focused on digital acceleration, SME empowerment, and inclusive finance. With a strong capital base, growing customer trust, and a management team that continues to lead with clarity, NCBA Bank Tanzania is entering its most promising chapter yet.

This is not just a comeback. It’s a redefining of what a modern, purpose-driven bank can achieve.

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