What NMB Ngamiani branch entails

NMB Bank has launched the 11th branch in Tanga Region and 228 countrywide being an endeavour to bring close and inclusive banking services to financially underserved people.

The launching event of the NMB branch located at Ngamiani area was witnessed by Tanga Regional Commissioner, Omary Mgumba, and other regional officials who at different times asked the lender to support the region’s efforts to attract investments.

“I urged the wananchi in the city to make use of the banking services like loans for investing in various economic activities including fishing, businesses and agriculture,” he said after launching the branch which is the 40th in the northern region.

The launching of the new NMB branch is a positive sign of the growth of the economy and businesses in the region.

He said to achieve productive economic activities in the region, the contribution of NMB particularly through loan disbursement is of paramount importance.

“The government recognises the contribution of the financial sector particularly MMB in supporting economic activities in the country,” he said while commending NMB for continuing to invest in opening new bank branches to reach the financially underserved population.

The RC asked the Bank to make special loan arrangements for people who want to invest in warehouses and inland container deport (ICDs) due to increasing demand for cargo passing through Tanga port.

He also mentioned sisal farming as one of the areas that need special attention from NMB for investing in processing industries.

The NMB’s Chief of Wholesale Banking Alfred Shayo said the bank started by setting aside 100bn/- for lending farmers at 10 per cent interest.

Mr Shayo said in a bid to support government’s quest to lower interest, NMB set aside again 100bn/- for lending farmers at 9 per cent interests.

He said in an effort to make bank Tanga Region attain its development goals, NMB has been making substantial support to cassava and sisal farming.

During the launching event of Ngamiani branch, NMB handed over 250 iron sheets worth 10m/- to Masiwani primary school.

On his part, the Bank of Tanzania (BoT) Economic and Statistics Manager, Ernest Ndunguru said the launching of the new branch is a sign of NMB compliance with the central bank’s monetary policy if ensuring that financial services reach the financially underserved population.

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