Isles VP urges NMB to back digital innovation

ZANZIBAR: ZANZIBAR Second VicePresident, Hemed Suleiman Abdulla, has urged NMB Bank to strengthen support for digital innovation and entrepreneurship to accelerate economic growth and the implementation of strategic development projects.

Mr Abdulla made the call during a meeting with NMB Bank officials held recently at his office in Vuga, Zanzibar City, where he commended the bank for expanding its services and reaching more customers across the isles.

He said the Zanzibar government recognised the contribution of financial institutions to economic development and remained committed to working with them to advance its development priorities.

Mr Abdulla said the Eighth-Phase Government was implementing various strategic projects aimed at improving livelihoods and raising citizens’ economic well-being, noting that banks play a key role in supporting businesses, investment and other economic activities.

He also highlighted the government’s commitment to promoting technology and innovation, saying President Hussein Mwinyi established a dedicated Ministry of Communication, Information Technology and Innovation to advance technological development and support entrepreneurs.

The Second Vice-President urged NMB to channel part of its contributions towards initiatives undertaken by the ministry, saying stronger collaboration between the government and financial institutions will help promote innovation and entrepreneurship.

ALSO READ: Clean, repair drainage systems – Second VP

He added that the government will continue cooperating with NMB to expand access to quality banking services across Unguja and Pemba, supporting individuals, entrepreneurs and businesses.

NMB Bank Zanzibar Regional Business Manager, Naima Said Shaame, said the bank continued to expand its services across Tanzania to meet the needs of different customer groups.

She announced that NMB plans to introduce Islamic banking services, expanding the range of financial products available to customers seeking services that comply with Islamic banking principles.

Ms Shaame commended the Zanzibar government for its progress in implementing development projects, assuring Mr Abdulla that the bank will continue cooperating with the government and supporting its development agenda.

She said NMB remained committed to improving its services and contributing to initiatives aimed at strengthening citizens’ economic well-being.

The meeting underscored the importance of cooperation between the government and financial institutions in expanding access to finance, supporting entrepreneurs and promoting technological innovation.

NMB’s planned introduction of Islamic banking services is also expected to broaden customer choice and extend its reach among different groups of customers across the country