NMB Bank: Why Mkapa will forever be remembered

Mwanza. The privatisation of public companies during the reign of former President Benjamin Mkapa may have had its ups and downs, but for NMB Bank Plc, the policy was a complete success that resulted in the growth of the lender that people know today.

“It is due to his policy that we now stand tall as the NMB Bank that people know today. He is the reason for the big change that people see in NMB Bank Plc today,” the bank’s acting manager for the Lake Zone, Mr Dickson Richard, said here at the weekend.

He was speaking during the launch of the “Benjamin Mkapa Intellectual Platform” at St. Augustine University of Tanzania (Saut) here at the weekend.

The platform, known in Kiswahili as “Kigoda cha utafiti cha Mkapa,” is an initiative by the university to bring together scholars so they can apply their critical thinking skills to resolving challenges in the contemporary world and a way to honour the late president’s devotion to civil service.

Former Tanzanian President Mkapa, who ruled the country for ten years beginning in 1995, died in July 2020.

During his presidency, Mkapa is credited with not only establishing a formidable private sector through investor attraction and privatization but also with laying a solid foundation for the economy’s stability.

According to Mr Richard, before privatisation, NMB was a normal bank with 95 branches but no automated teller machines, but after privatisation, it has grown to become not only the most profitable lender but also one with 780 ATMs and 228 branches.

“The late Mkapa helped low-income people, and as a bank, we also try our level best to ensure we relieve the communities of their various challenges. This is why this year, 100 students will receive sponsorships to join various universities in Tanzania under our NMB Nuru Yangu Scholarship program,” he said.

The Saut vice chancellor, Prof Costa Mahalu, acknowledged NMB Bank for sponsoring the launch of ‘Kigoda cha Mkapa’ forum.

He said the late former president contributed a large percentage to the availability of higher education loans for private college students.

According to the vice chancellor, Mkapa assisted the university in acquiring the land on which the college is built in the Mwanza region.