NMB Bank operational excellence in recent years and its extraordinary financial outturn are direct outcomes of its digital innovations and investment in virtual service delivery platforms, Chief Executive Officer Ruth Zaipuna has said.
Briefing Vice President Dr Philip Mpango in Dodoma over the weekend about the bank’s recent success story, Ms Zaipuna said the digital systems facilitated the collection of government revenues of nearly 6.0tri/- between 2018 and 2020.
Ms Zaipuna made the revelation before handing over the bank’s 21.8bn/- dividend payout for 2020 to the government to Dr Mpango, which is a 43 per cent increase of what it remitted in 2019.
Apart from being a major shareholder in the business, the government is also a big customer of the bank and a strategic partner in the implementation of mega national development projects.
“Besides these projects, the investments NMB is making in new technologies that have enabled us to integrate our digital systems with those of the government and other entities leading to ease of revenue collection,” Ms Zaipuna noted.
“The government is not only a major business partner but also one of NMB's biggest clients. Cognizant of this fact, we have continuously invested in technologies that offer banking solutions to the authorities.
“Together with connecting the government’s electronic payment gateway with NMB’s digital channels, we are investing further to ensure that most other transactions are carried out electronically,” she added.
Dr Mpango said the digital support the government is getting from the bank in addition to the dividend payouts is a manifestation of NMB’s huge contribution to nation building efforts.
In the last over 10 years of its leadership in profit banking, the dividend payments it made to the government have amounted to some 155.8bn/-.
The VP also said the government was proud of NMB’s achievements and is a 31.8 per cent shareholder in the business that has accorded it a lot of value.
“We are gratified with our investment in NMB since it is now paying off handsomely. The government on behalf of Tanzanians commends the bank for the good work it is doing to serve the country,” Dr Mpango said.
NMB’s capital almost doubled in the last five years to 1.1tri/- last year from 666bn/- in 2015.
NMB Chairman, Dr Edwin Mhede, said apart from innovation prowess, the bank other success secret was its staff supporting over four million account holders and more than 8,400 agents.
NMB has also been active in driving the national financial inclusion agenda through innovative digital finance.