NMB Bank issues loans to Zanzibar fishermen

Zanzibar. NMB Bank yesterday debuted a soft credit service to enable fishers in Zanzibar to acquire modern fishing boats and associated gear.

Dubbed “NMB MastaBoti,” the service was launched on Tuesday in Pemba as part of the celebrations to mark the 60th anniversary of the Zanzibar Revolution.

Zanzibar’s second Vice President, Mr Hemed Suleiman Abdullah, graced the event and received the first five boats provided under the arrangement on behalf of 20 members of the Kiwani Fishers Society (JUWAKI).

Mr Abdullah said the loans are in line with the efforts of President Hussein Ali Mwinyi to not only modernise fishing in the islands but also spur the blue economy and advance overall development.

“The government in Zanzibar feels proud of working closely with NMB Bank as a partner in sustainable development,” he said at Tasini Primary School in Kiwani, Mkoani District.

Mr Abdullah lauded the bank for its timely financing of the acquisition of commercial fishing vessels, noting that the development was a sign of better things to come in the sector.

However, he cautioned that more loans would be readily available depending on the timely servicing of the credit. In that regard, he called on Juwaki members to prioritise repayment of the loans and fully exploit the potential of the insured boats to better their operations.

“This bank continues to play a critical role in national building efforts both in Zanzibar and Mainland Tanzania by supporting various sectors and many productive initiatives,” he stated, promising to buy 30 litres of fuel for each boat. Mr Abdullah also received roofing materials, including 400 iron sheets, worth Sh22 million from the bank for three schools in the area, namely Chambani, Pondeani and Nanguji.

NMB Bank head of retail banking, Mr Filbert Mponzi, said Dr Mwinyi’s administration was doing an excellent job promoting the blue economy, whose advancement NMB Bank fully supports.

He reiterated the lender’s commitment to continue working closely with the government to further Zanzibar’s socio-economic development agenda through financing and financial services.

“The government has progressive development plans whose implementation we are ready to support,” Mr Mponzi said, adding that the conducive business climate in place has boosted NMB operations in the islands.

“As a result, we have been able to expand our physical presence both in Pemba and Unguja as we prepare to open a new branch in Wete,” he added.