Stanbic Bank Launches Product Suite for Tanzanians Living in Diaspora

Stanbic Bank Tanzania has launched a Diaspora Banking offering dubbed “Nyumbani Banking” targeted at Tanzanians living, working, studying abroad.

Nyumbani Banking was launched via a virtual event themed “Investing back home: a ticket to build wealth” by the Minister of Foreign Affairs and East African Cooperation, H.E. Ambassador Liberata Mulamula (MP) as a guest of honor, and witnessed by the bank’s Chief Executive, Kevin Wingfield.

Speaking during the webinar through video, Hon. Mulamula said that Tanzanians living in the diaspora have always been the catalysts of national development, and it’s crucial to recognize the role they play in driving socio-economic development.

In that regards the launch of Nyumbani Banking has come at the right time when the government is seeking to ensure that the contribution made by the country’s Diaspora is recognized and meaningfully utilized to improve the lives of fellow citizens in the country.

The Bank’s Chief Executive, Mr. Wingfield commented that the diaspora plays a key role in the development of the country through remittance flows and entrepreneurship which has witnessed dramatic and exciting developments in recent years.

The Bank’s Head of Retail Banking Omari Mtiga emphasized that Nyumbani banking is a good opportunity for the diaspora to explore and build wealth back home.

He added that the country has tremendous investment opportunities given its rich natural resources, political and macroeconomic stability, positive investment climate.

The launch of the Nyumbani Banking proposition follows over 10 months of engagements with potential and existing diaspora customers to establish their banking needs with a bank back home.

This new proposition will provide a wide range of banking services including but not limited to; transactional, access to investments, money transfers and payments, bancassurance solutions for diaspora’s family members in Tanzania, and advisory services geared towards wealth creation.

While unpacking the product, Stanbic Bank Senior Manager Customer Propositions, Thereza Majinge reiterated the Bank’s commitment to creating solutions that meet customers ‘needs.

She noted that Tanzanians in the diaspora can open a Nyumbani Banking account easily from wherever they are and
can transact remotely.

Stanbic Bank Tanzania

Stanbic Bank Tanzania is a member of the Standard Bank Group (JSE:SBK) of South Africa, the largest African bank by assets, operating in 20 countries across Africa.

The group has been operating in Tanzania under the Stanbic Bank brand since 1995 focusing on all the key growth sectors in Tanzania, including agriculture, telecommunications, oil and gas, power and infrastructure and fast-moving consumer goods.

Stanbic offers a wide portfolio of banking solutions and services in Retail, commercial and Enterprise and Corporate Banking.