NBC Bank commits to driving business growth between Tanzania and South Africa
DAR ES SALAAM: In a bold move to foster stronger economic ties between Tanzania and South Africa, the National Bank of Commerce (NBC) has stepped up its commitment to driving business growth and enabling seamless trade transactions between the two East and Southern African nations.
Speaking at the South African Business Forum Tanzania (SABF) held in Dar es Salaam last evening, Mr. Wilson Nkuzi, the Head of NBC’s Global Clients, Corporate and Investment Banking, issued a rallying call to Tanzanian businesses, urging them to capitalize on the vast array of business opportunities that exist between the two countries.
“NBC is determined to be the catalyst for propelling trade and investment between Tanzania and South Africa,” Nkuzi declared. “Through our diverse financial solutions, including capital development loans, guarantees, foreign exchange services, and our innovative ‘NBC Connect’ digital platform, we are committed to empowering businesses to navigate this international landscape with ease and confidence.”
The high-level forum, which brought together business leaders, government officials, and representatives from various institutions, served as a testament to NBC’s unwavering support for cross-border collaboration.
Alongside Tanzanian and South African business representatives, the event also featured officials from the South African High Commission in Tanzania and senior officials from NBC.
“What truly motivates us is the remarkable increase in the number of businesses from both countries who have been taking advantage of the tailored services and opportunities provided by NBC,” Nkuzi continued.
“From capital development loans to international transaction facilitation, we are dedicated to ensuring that Tanzanian and South African businesses can thrive, even in the face of challenges such as the limited availability of US dollars in the country.”
Furthermore, Nkuzi highlighted NBC’s readiness to support the Tanzanian government’s infrastructure development agenda, pledging the bank’s provision of crucial bank guarantees to facilitate the implementation of ongoing projects.
NBC’s steadfast commitment to bilateral trade is further underscored by its long-standing role as a significant stakeholder for businesses operating between Tanzania and South Africa.
Despite its sponsorship of the important event, the bank is also a member of the SABF due to the fact that it is 55 per cent owned by the South African ABSA Group company.
Complementing Nkuzi’s remarks, Mr. Jimmy Myalize, the Head of Transactions and Deposits for Major Customers at NBC, took the opportunity to showcase the bank’s comprehensive suite of services designed specifically for the local and cross-border business communities. Myalize also highlighted NBC’s ongoing efforts to support the local community, including through sponsorships and the bank’s CSR agenda in the sports and healthcare sectors.
Mr. Manish Thakrar, the Chairman of the South African Business Forum in Tanzania, lauded the bank’s pivotal role in driving the bilateral trade agenda.
“The existence of this forum has been tremendously beneficial for us as members, allowing us to explore various opportunities not only among ourselves as businesspeople but also between our governments and beyond our national borders,” Thakrar emphasized.
Recognizing the importance of reliable financial services, Thakrar underscored the forum’s commitment to supporting the Tanzanian government’s efforts to attract more foreign investors to the country.
“The availability of efficient financial solutions is a crucial pillar in realizing this goal,” he stated.
Thakrar also revealed that the forum had discussed the ongoing China-Africa cooperation meetings, exploring how Tanzanian and South African businesses could leverage the opportunities arising from the outcomes of the deliberations.
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The growing trade between Tanzania and South Africa, particularly in the areas of industrial goods, minerals, and agricultural products, underscores the untapped potential that both countries possess.
Thakrar urged Tanzanian entrepreneurs to fully capitalize on the existing bilateral relationship to facilitate various business ventures, including in the agricultural sector.
“With NBC’s unwavering support and the collective efforts of the business community, the future looks bright for strengthening the economic ties between Tanzania and South Africa, unlocking new avenues for prosperity and growth in the region.’’ He further mentioned.
