New NMB branch opens near Arusha

Dar es Salaam. The National Microfinance Bank (NMB) has opened a new branch in Usa River, near Arusha, as it seeks to bring its financial services closer to the people.

The new branch cements NMB bank’s position as the largest commercial outfit in the country in terms of outlets and automated teller machines (ATMs).

The bank has over 150 branches with more than 500 ATM points countrywide.

The new branch will offer various services offered by the bank, including credit facility, money transfer services, payment services to the government and its institutions, foreign exchange payment and remittances. It will also offer NMB Mobile and mobile money transfer services (NMB money chap chap and NMB Pesa Fasta) among the many.

NMB Mobile enables a customer to transfer his/her money from the bank account to Vodacom’s M-Pesa. “This is a flexible, convenient and reliable means of effecting payments,” the statement reads.

On the other hand, with NMB Chap Chap, a customer is able to open an account and access ATM services within 10 minutes. It thus, removes inconveniences to customers in the process of handling their accounts and accessing financial services.

According to the statement, the decision to open a new branch at Usa River is in response to a demand for financial services by people in that area.

Meanwhile, NMB has won the Euromoney award for being the best bank for provision of services in the country.

According to the statement, NMB has emerged the first bank among 20 banks countrywide in terms of provision of customer services.

MORE INFO: ABOUT NMB

National Microfinance Bank Plc (NMB) was established under the National Microfinance Bank Limited Incorporation Act of 1997, following the break-up of the old National Bank of Commerce, by an Act of parliament .Three new entities were created at the time, namely: NBC Holding Limited, National Bank of Commerce (1997) Limited and National Microfinance Bank Limited.

In 2005, the Government of the United Republic of Tanzania privatized the bank when it sold part of its shareholding (49 per cent) to a consortium led by the Netherland-based Rabobank Group

Subsequently, there was further divestiture in 2008 when the Tanzanian Government offloaded another 21 per cent of its shareholding to the Tanzanian public through an initial Public Offering (IPO).The listing of the bank’s stock on the Dar es Salaam Stock Exchange has led to a diversified ownership structure.