PARASTATAL ORGANISATIONS :Samia warns nonperformers

PRESIDENT Dr Samia Suluhu Hassan on Saturday warned nonperforming public entities as she received a record-breaking dividend of 45.5bn/- from the NMB Bank.

While commending the bank, the Head of State sent a strong warning to non-performing public institutions, telling them that they risk being disbanded.

At this juncture, she directed the Treasury Registrar to finalise and submit the final assessment report of all public institutions that will identify as performing and non-profit making entities for further action.

“I want you to submit the final assessment report that will show which parastatals will remain and those to be scrapped,” she emphasised.

She directed all the heads of public institutions to make self-evaluation regarding the performance of their organisations.

The handing over of the dividend in Dar es Salaam yesterday was along with marking the silver jubilee (25 years) of prosperity journey of the NMB bank.

The bank handed over to the President a dummy cheque worth 45.5bn/- as dividend for the year 2022. The government owns 31.8 per cent shares at NMB.

“I, Vice-President and Prime Minister applaud the NMB board and management for the success story recorded during the 25 years of banking services in the country,” she said.

Dr Samia recognised NMB efforts on addressing Small and Medium Entreprises (SMEs) challenges, stressing that “We can’t be a self-sufficient nation without empowering SMEs, the area for which NMB has done a commendable job.”

She challenged customers of NMB and other lending institutions to honour their loan payment obligations as a fundamental way to make the lenders grow sustainably and enhance their contributions to the country’s development.

She said the bank’s outstanding and historic profit records in the country and third bank with highest profit in East Africa has promoted the country globally.

Dr Samia also hailed issuing NMB Jasiri bond whose net proceeds go to finance micro and small medium enterprises (MSMEs) owned or led by women and those businesses whose products and services directly impact women.

Through the bond which is the first social bond by an East African financial institution and first ever social bond to list on a Sub-Sahara African bond exchange, the bank raised 74bn/- against 25bn/- anticipated.

“I commend you for this initiative and will be using it as an example whenever I go to attend the generation equality forums,” President Samia said.

The Head of State also hailed the bank for supporting government efforts to reach agriculture modernisation by setting aside over 200bn/- for lending agricultural value chain at interest less than 10 per cent.

In efforts to reach the unbanked people, Dr Samia challenged other financial institutions to emulate NMB by expanding banking services to rural population to enhance financial inclusion.

Furthermore, in supporting government efforts in improving social services particularly in education, health and environment, President Samia recognised NMB for hiking to 6.2bn/- funds for community investments.

“For example, your support in upgrading Muhimbili maternity wards and treatment of women suffering from fistula at the CCBRT are commendable initiatives,” she noted.

Also as part of the silver jubilee celebrations, NMB handed President Samia 2.5bn/- for constructing exemplary school in a region that she will choose, being part of the bank’s efforts to support the sixth phase government to boost education sector.

Speaking earlier, the Finance and Planning Minister Dr Mwigulu Nchemba said the NMB success story is a result of efforts put by the sixth phase government in putting friendly environment.

“I commend NMB for the success story in 25 years as well as paying the largest dividend that has never been provided by the banking sector in the country,” he said.

The NMB Chief Executive Officer, Ms Ruth Zaipuna hailed the sixth phase government for putting friendly environment in the financial sector that has helped in realising the bank’s transformation journey in 25 years.

She said during the period, the bank invested heavily in technology that contributed in digital transformation and in making the bank one of the strongest lending institutions in the country.

She said about 94 per cent of all the bank’s transactions are currently done outside the motor and bricks due to digital transformation.

She said the bank now boasts of having 6.3 million customer accounts compared to only 600,000 in 1999, has over 700 ATMs and more than 23, 700 agents countrywide.

During the period under review, the bank managed to register profit records of 429bn/- last year compared to below 1bn/- in 1999.

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