NMB awarded Best Bank in Tanzania by Euromoney Magazine

The National Microfinance Bank (NMB) has been named “the Best Bank in Tanzania for 2013” by the finance magazine Euromoney.

The awards were presented at the 2013 Euromoney Awards for Excellence Dinner in London.

In the year 2012, NMB has made notable progress by providing transactional, savings and investment, and lending solutions to the growing customer base in wholesale, MSME (micro, small and medium enterprise), food and agriculture, government and personal banking segments nationwide.

With over 1.8 million customers, NMB’s 150 branches continues to be the dominant network among banks in Tanzania, fulfilling a key role in empowering local communities, and thus having significant but often forgotten economic impact, especially in those previously unbanked communities and districts.

In recognizing NMB for the award, Euromoney Editor, Clive Horwood highlighted, “by expanding its reach over time, NMB has become the second largest bank in Tanzania and it estimates that 40% of the banked population in Tanzania has an account with NMB.”

During Annual General Meeting held on 1st June 2013, the bank reported a record Profit After Tax (PAT) of TZS 97 billion (up 36% from previous year) on total assets of TZS 2.8 trillion and return on shareholders’ funds of 27%, while retaining a strong balance sheet with a Non Performing Loan (NPL) ratio of less than 2.4%.