NMB’s financial literacy initiative to empower customers

DAR ES SALAAM: NMB Bank has introduced a new financial literacy initiative aimed at empowering customers and the wider community with the knowledge and skills necessary for making informed financial decisions and achieving their financial objectives.

The programme, called ‘Nondo za Pesa’, is designed to deepen customer engagement and promote financial wellbeing across communities.

Speaking at the launch event in Dar es Salaam yesterday, NMB Bank’s Chief of Retail Banking, Filbert Mponzi, stressed the importance of financial literacy for fostering financial independence.

He highlighted that the programme aligns seamlessly with the bank’s strategic focus on financial inclusion.

“In an era where financial decisions play a critical role in our lives, financial literacy is not just a desirable skill—it is a necessity,” Mr Mponzi remarked.

He explained that the programme would offer practical advice on managing daily expenses, budgeting efficiently and avoiding ‘debt traps.’

Mr Mponzi outlined that NMB Bank is taking an innovative and comprehensive approach to equipping individuals, particularly young people and women, with the essential knowledge and skills for effective financial management.

“As a bank, we are committed to promoting financial education to empower individuals to make informed choices, aligning with our vision of creating a more financially secure and prosperous future for all,” he added.

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He mentioned that the bank would collaborate with both traditional and digital media to extend financial literacy efforts to the grassroots level.

“We will continue to provide essential financial literacy resources, workshops and educational programmes.

These initiatives will cover topics such as setting financial goals, saving, borrowing, building investment portfolios, accessing markets and managing risks,” Mr Mponzi noted.

He referred to the findings of the 2023 Finscope Survey, which indicated that the uptake of financial services among young people and women remains low.

The ‘Nondo za Pesa’ campaign, he said, aims to bridge this gap and contribute to greater financial inclusion, economic growth and stability.

“We offer several tailored financial solutions, particularly for young people and women, including the NMB Pesa account, which features an instant loan product known as ‘Mshiko Fasta’, allowing customers to secure loans of up to 1m/- without needing to visit bank branches,” he added.

The launch event was attended by key stakeholders of the bank, including media personalities who praised the initiative.

“This programme has arrived at the perfect time and will provide young people with access to essential financial information,” said prominent media figure Maulid Kitenge.