NMB expands forex services

Dar es Salaam. People carrying Kenyan, Ugandan and Rwandan currencies will now be able to make cash transactions by exchanging their money into Tanzanian shillings and vice versa at any NMB bank’s branch, the financial institution has revealed.

This comes after the bank introduced three new currencies in the list of foreign currency trade, targeting East African countries with the aim of fostering economic integration in the EAC bloc, according to senior Wholesale Dealer in the Treasury and global market department at NMB bank Jeremiah Lyimo.

“We have conducted some research based on importation and exportation reports and realized that Tanzania trades mostly with EAC member states. We, therefore, decided to introduce cash transaction exchanges to foster economic integration,” he said.

Before the new entries, the bank was providing cash transactions in US dollars, Pounds and Euros only, according to him.

“We are currently operating with six currencies in cash transaction exchanges. This means a trader from Rwanda, Kenya and Uganda can walk into any NMB branch with their currencies and exchange them to facilitate payments in Tanzania,” he said.

Sending and receiving foreign currencies via the bank were only possible for five currencies namely the Euro, US dollar, Pound, Kenyan shilling and the South African Rand.

“Today however, people with and without NMB bank account are able to sending and receiving foreign currencies from and to any country of their choice, except those with international restrictions,” he said.

There is no need of NMB account to receive foreign currency, unless for sending processes, according to Mr Lyimo.

As things stand, NMB bank also wants to fill the vacuum left out by the closure of bureau de change shops following tough conditions issued by Bank of Tanzania (BoT), according to Senior FX Trader in the treasury and global market department.

He said, the bank understands the role played by the bureau de change shops in providing service to many currencies that is why it decided to increase the number.

“We want to fill the gap left by the closed bureau de change shops by introducing many other currencies and resolving all challenges raised in the shops,” he noted.

According to him, there were some US dollar currencies made in late 2015 backward were denied by the shops which the bank will be receiving.

Again the claims against money laundering, they make sure it doesn’t happens in the bank’s operations.