MANTRAC, NMB BANK UNLOCK EQUIPMENT FINANCE FOR MINERS AND CONTRACTORS

NMB Chief of Retail Banking, Filbert Mponzi (left) and Mantrac Business Planning and Operations Director, East Africa Region, Levite Dongmo, sign an agreement to expand equipment financing for miners, contractors and businesses operating in Tanzania’s mining, construction and infrastructure sectors in Dar es Salaam.

DAR ES SALAAM – NMB Bank Plc and Mantrac Tanzania Limited have entered into a strategic partnership aimed at making it easier for miners, contractors and businesses in key productive sectors to acquire heavy machinery and equipment through tailored financing solutions.

The collaboration is expected to boost investment across Tanzania's mining, construction, infrastructure, energy and manufacturing industries by combining NMB's strong financing capabilities with Mantrac Tanzania's expertise in supplying and servicing Caterpillar equipment.

The Memorandum of Understanding (MoU) was signed in Dar es Salaam by NMB Chief of Retail Banking, Filbert Mponzi, and Mantrac Business Planning and Operations Director for the East Africa Region, Levite Dongmo.

Affordable Access to Heavy Equipment

Through the partnership, eligible customers will be able to finance the purchase of machinery with an initial contribution of only 20 to 25 percent, while NMB will tailor repayment schedules based on customers' cash flows, business cycles and project requirements, subject to the bank's credit approval processes.

The financing solution is designed to address one of the biggest challenges facing businesses in capital-intensive sectors—the high upfront cost of acquiring modern machinery.

Speaking during the signing ceremony, Mponzi said the initiative goes beyond financing equipment.

"When we finance machinery, we are not financing equipment alone. We are enabling roads, mines, industries, jobs and Tanzania's capacity to build its economic future," he said.

He noted that NMB currently disburses more than TZS 200 billion in loans every month to entrepreneurs and small and medium-sized enterprises (SMEs), adding that the partnership with Mantrac will further strengthen the bank's ability to support specialised financing needs within the mining and construction industries.

Comprehensive Financing and Technical Support

Under the agreement, NMB will be responsible for conducting credit assessments and structuring suitable financing packages, while Mantrac Tanzania will supply Caterpillar machinery, power generators and related equipment together with technical support, after-sales services and manufacturer-approved maintenance.

Equipment financed under the programme will also benefit from warranties ranging between 24 and 36 months, depending on the equipment type, project requirements and contractual arrangements.

Mponzi said the partnership ensures customers receive not only financing but also reliable equipment backed by professional technical support.

"When machinery operates reliably, projects are completed on time, costs are controlled and the customer's capacity to repay is protected," he explained.

Driving Growth Across Key Economic Sectors

Mantrac's Business Planning and Operations Director for East Africa, Levite Dongmo, described the partnership as a significant step towards improving access to world-class equipment and professional support for businesses looking to expand their operations.

"Combining NMB's financing capacity with Mantrac's machinery, generators and technical expertise will unlock investment and accelerate growth across some of Tanzania's most important economic sectors," Dongmo said.

The partnership is expected to increase operational efficiency for miners and contractors by reducing costly equipment downtime, improving project delivery timelines and directing more financing towards sectors that generate employment and drive Tanzania's long-term economic growth.

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