2nd VP lauds NMB’s role in Isles development

ZANZIBAR: AS part of the 61st Revolution Anniversary celebrations, the Zanzibar Second Vice-President, Hemed Suleiman Abdulla, inaugurated NMB Wete Branch in North Pemba, recognising the bank as one of the key financial stakeholders in the Isle’s development initiatives.

He noted that the country’s financial institutions play crucial role in supporting key development projects and NMB has been an integral part of these endeavours.

During the launch, he commended NMB for its significant contributions to Zanzibar’s economic growth, particularly in financing and driving strategic initiatives focused on community development.

“This inauguration is a crucial step towards the prosperity of North Pemba and Zanzibar as a whole as it will drive economic growth by improving access to financial services and supporting local businesses,” he noted.

With enhanced access to banking, the region could see greater financial inclusion, job creation and sustainable community projects, all contributing to a more prosperous and stable future for the people of Zanzibar.

He noted the enthusiastic response from 1,800 new customers who opened accounts immediately after the branch’s opening, underscoring the community’s eagerness for the bank’s services.

“The immediate interest shown by 1,800 customers is a testament to the demand for these services and I urge residents to take full advantage of this opportunity,” he stated.

He further commended NMB’s commitment to expanding digital services, which aligns with modern banking needs. The Vice President assured that the SMZ would continue to collaborate closely with NMB to enhance the quality of life for Zanzibaris, acknowledging the bank’s outstanding service quality enabled by conducive environments and innovative technological investments.

“The introduction of NMB Wete will spark healthy competition among financial institutions in North Pemba, focusing on service delivery rather than empty promises,” Abdulla remarked, commending NMB’s CEO, Ruth Zaipuna, for her outstanding leadership.

“While contributions such as educational and medical equipment have been highlighted, let us not overlook the bank’s support to Mzambarauni and Kendwa Hospitals, providing health materials valued at over 65m/-. This support will enable our hospitals to surpass district-level service provision,” he stated.

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Earlier, NMB’s Chief Financial Officer, Mr Juma Kimori, speaking on behalf of CEO Ruth Zaipuna, expressed gratitude to both the SMZ and Union Government for their supportive partnership and the enabling environment that strengthens financial institutions’ operations.

“We are here to bring our slogan ‘Close to you’ to life. NMB Wete will ease the burden on residents who previously had to travel over 30 kilometres to Chakechake for banking services. Now, they can access loans, deposits, withdrawals, insurance and currency exchange right here,” Kimori stated.

NMB Wete is one of 241 branches across Tanzania and nine in Zanzibar, showcasing the rapid expansion of the bank’s network, which includes 720 ATMs, 22 of which are in Zanzibar.

“We are committed to expanding our reach across Tanzania for the benefit of all citizens,” he added.

In conjunction with the inauguration, NMB is donating 10 hospital beds, five maternity beds and 80 sheets to Mzambarauni Hospital, valued at 12m/-.

Additionally, over 53m/- worth of hospital materials have already been delivered to Kendwa Hospital. NMB has also contributed more than 50m/- towards roofing projects for Tasini and Mwambe secondary schools, bringing total support to over 110m/- as part of its Corporate Social Responsibility efforts.

The BoT Director – Zanzibar Zone, Mr Ibrahim Joseph Malogoi, praised NMB for its significant efforts in extending banking services to the community, noting that the bank is the 14th in Zanzibar and the fourth in Pemba, with the Wete Branch being its ninth.

“As the government oversight body for banking services, I am pleased to witness the rapid growth of the financial sector in Zanzibar, which reflects genuine efforts to foster economic development and embodies the true spirit of the Revolution,” Malogoi remarked.