NMB new platform to expand digital banking push

DAR ES SALAAM: NMB Bank Plc has launched a super app that consolidates lending, payments, insurance, investments and group banking into a single mobile platform, as the lender steps up its push to digitise financial services and widen access to credit.

The NMB Mkononi Super App allows customers to conduct a wide range of transactions, including money transfers, bill payments, merchant purchases, account opening and investment services, without visiting a physical branch.

The NMB Chief Executive Officer, Ms Ruth Zaipuna, said on Tuesday the app is designed as a broader financial ecosystem rather than a traditional banking tool, combining services that would typically require multiple standalone applications.

The platform also integrates digital group banking tools, enabling village savings and lending groups to manage contributions, approve transactions and set internal lending rules through the application.

Bank executives said the initiative is aimed at reducing dependence on branch networks and positioning mobile devices as the main access point for financial services across customer segments including small traders, farmers, salaried workers and entrepreneurs.

Under the platform, individual customers can access loans of up to 2.0m/- while small businesses may qualify for up to 5m/- with applications processed digitally without paper forms or branch visits.

The bank said the rollout underscores the growing importance of financial literacy in digital lending, as easier access to credit increases the need for borrowers to understand interest costs, repayment obligations and risk management.

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The emphasis reflects broader concerns in East Africa’s rapidly expanding digital credit market, where regulators have increasingly warned that conveniencedriven borrowing can contribute to household debt stress if not properly managed.

NMB said it has invested 232bn/- over the past five years in technology and digital infrastructure as part of a wider transformation strategy to modernise its operations and customer experience.

The app also enables Tanzanians in the diaspora to open accounts remotely using mobile numbers and national identification credentials, reducing onboarding time to as little as five minutes, according to the bank.

Head of Information Technology, Ms Josina Njambi said the process is fully digital, requiring only a mobile number and national ID to complete account registration.

The lender said it is also seeking closer collaboration with fintech developers and innovators to expand functionality within the platform.