Financial inclusion opens doors for youth

DAR ES SALAAM: YOUNG Tanzanians are becoming a growing focus of financial inclusion, skills development and entrepreneurship initiatives, with NMB Bank Plc linking access to banking services with education, professional training and business support to strengthen their participation in the economy.

Through its GO na NMB youth proposition, the bank is combining financial services with scholarships, mentorship and enterprise development, seeking to equip young people with the knowledge, resources and opportunities to build sustainable livelihoods and contribute to national economic growth.

NMB Managing Director, Ms Ruth Zaipuna, said every child and young person deserved access to safe and accessible financial services to help them become productive economic citizens.

“Our goal is to expand access to personalised, safe, secure and responsible financial products and services for youth,” she said, adding that the initiative would promote financial discipline while helping young people build their futures and contribute to the wider economy.

The approach recognises that financial inclusion alone may not be enough to improve young people’s economic prospects without education, practical skills and opportunities to earn an income.

Linking financial services with these other forms of support can help young people make informed financial decisions and pursue opportunities for employment or self-employment.

One of the bank’s key initiatives is the Nuru Yangu Scholarship and Mentorship Programme, which supports disadvantaged students pursuing university education.

For the 2026/2027 cohort, NMB Foundation has allocated 1bn/- to support 50 young Tanzanians.

NMB Foundation General Manager, Mr Nelson Karumuna, said the programme went beyond tuition support to prepare beneficiaries for employment and professional development.

“The programme’s broader approach goes beyond paying university tuition. It is designed to give beneficiaries the academic, practical and professional support needed to successfully transition from higher education into the workplace,” he said.

The support package includes tuition fees, living stipends, field allowances and laptops, alongside mentorship from corporate professionals.

These interventions seek to ease financial barriers to higher education while helping students develop workplace skills, confidence and professional networks.

By addressing both the cost of university education and the transition into employment, the programme seeks to improve beneficiaries’ prospects of using their qualifications productively.

Mentorship also gives students an opportunity to learn about workplace expectations and career development from experienced professionals.

NMB’s investment in talent development extends to graduates entering the banking industry through its Management Trainee Programme and Graduate Banker Readiness Programme, implemented in partnership with the University of Dar es Salaam.

The Management Trainee Programme runs for 24 months, providing selected graduates with opportunities to develop professional competencies and gain practical experience in banking operations.

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During the graduation of one cohort, trainee Ms Amanda Esako said the programme had helped participants realise their career ambitions.

“Our dreams to become bankers have now become true. We promise to work very hard as employees of this successful banking institution in Tanzania,” she said. “The two-year grooming was no easy task but a worthy one.”

Such structured workplace learning can help bridge the gap between academic qualifications and employers’ practical requirements.

It also gives financial institutions an opportunity to develop talent suited to their operational needs while preparing graduates for future professional and leadership responsibilities.

Beyond education and employment, NMB is targeting young entrepreneurs through initiatives such as the Biasharika Challenge, which provides seed-capital grants to support promising business ideas.

The initiative seeks to help young people move from developing business concepts to pursuing commercial opportunities.

Access to initial capital can be important for entrepreneurs who have viable ideas but lack the resources to establish or expand their operations.

Its Master-Boda loans target young people operating in the two- and three-wheeler transport sector, using QR technology to support financing and business operations.

The initiative offers operators an opportunity to access financial services and strengthen their businesses.

NMB Chief of Retail Banking, Mr Filbert Mponzi, said the bank wanted young people to see financial institutions as partners in developing their enterprises rather than merely places to save money.

“Our goal is to build an environment where young people do not just view banks as places to save money, but as active partners that provide the digital credit and capital tools necessary to turn small ideas into formal, productive businesses,” he said.

The approach links financial access with enterprise development, potentially helping young operators manage their activities and access services suited to their business needs.

However, the benefits of credit ultimately depend on borrowers’ ability to use financing productively and sustain viable operations.

The bank’s youth agenda also includes the SEED programme, implemented with Save the Children Tanzania to equip young people with financial literacy, business development and management skills.

Zaipuna has described SEED as an initiative intended to provide young people with the skills and resources needed to participate effectively in the economy and become job creators rather than solely job seekers.

The programme combines practical training with opportunities to identify market needs, manage finances and develop viable enterprises.

Such knowledge can help participants understand business costs, make informed decisions and identify opportunities within their communities.

Access to appropriate financing can then help participants translate their knowledge into income-generating activities, although sustainable results also depend on market demand, business management and the availability of customers.