DAR ES SALAAM: NMB Bank on Wednesday signed a three-year Memorandum of Understanding (MoU) with the Tanzania Startup Association (TSA) towards supporting growth and development of local startups in the science and technology sectors.
Under the terms of MoU, the two entities will work closely to create a conducive and enabling environment for local startups to prosper. NMB Bank Chief Technology and Digital Transformation Officer, Mr Kwame Makundi described the MoU during the launch as a gamechanger that will unlock the full potential of startups in the country.
The partnership will also focus on supporting local startups and SMEs in the technology industry, providing them with access to funding, financial literacy and other forms of support that will enable them to grow and compete on the global scale.
“At NMB, we are committed to continue nurturing startups and companies as part of our efforts to increase their competitiveness,” he said.
ALSO READ: TCCIA, EABC partner to boost youth entrepreneurship
The bank, one of the leading lenders in the country, has continued to play a leading role in innovation in the banking and financial sector where over 390 fintech’s are already taking advantage of the NMB Sandbox presently.
“We believe that startups are the next big things in a sense that they have a big role to play in linking them with venture capitalists,” Mr Makundi said.
Tanzania Startup Association Chief Executive Officer, Mr Zahoro Muhaji, commended the bank for its continued efforts to support the growth of his organisation.
“This MoU cements NMB as a trusted and reliable partner not only to TSA but the startup ecosystem as a whole. Indeed, this is not only a historic event, but a matter of national importance,” he said.
Mr Muhaji noted that many startups do not succeed because of not only lacking adequate capital but due to failure to have trusted partners.
He noted that the contribution of startups to the country’s economy has increased in recent years, creating over 80,000 jobs, with the sector contributing up to 300 million US dollars in form of foreign direct investments in the past four years.
“This year alone over 54 million US dollars in terms of foreign direct investments has been recorded during the third quarter this year,” he added.
