NMB Bank has partnered with the International Finance Corporation (IFC) and Mastercard to launch the Banking on Women Advisory Project, a groundbreaking initiative designed to enhance the bank’s Jasiri Proposition and better support women-led businesses in Tanzania. The agreement was signed in October during the International Monetary Fund – World Bank 2024 Annual Meetings in Washington, DC.
The project aims to address significant gender gaps in financial access in Tanzania, where data from Financial Sector Deepening Tanzania (FSDT) reveals that only 22% of Tanzanians use commercial banking services, and just 15% of women have access. The challenges are particularly acute in rural areas and among non-formalized businesses. The Banking on Women initiative seeks to develop a comprehensive customer value proposition that meets both the financial and non-financial needs of women and women-led enterprises. Through primary customer research and non-traditional data sources, the project will design tailored solutions to address the unique challenges faced by women entrepreneurs across Tanzania.
This four year project will also focus on capacity building for NMB staff, enhancing sales and service models, and promoting financial literacy and greater access to financial tools for women. As the largest commercial bank in Tanzania, NMB Bank is committed to advancing gender equity and economic empowerment, with this partnership marking an important step in addressing the financial challenges faced by women entrepreneurs across the country.
For more information visit on NMB visit www.nmbbank.co.tz
