In August NMB Bank Plc scooped two awards from international publications naming the bank as the best bank and best retail bank in Tanzania. For the ninth consecutive year, NMB Bank has won the Best Bank in Tanzania from Euromoney awards for excellence 2021. The bank has also been recognized as the Best Retail Bank in Tanzania by the Global Banking and Finance Awards. These are top awards issued by the leading global financial markets magazines based in London.
The Euromoney Best Bank award recognized NMB’s strong financial performance and a switch to digital channels as a testament to a push for greater efficiency. Today, 93% of the bank’s transactions happen outside branches. This also cements the bank’s financially inclusive approach to the business, including agency banking and NMB Mkononi, which offer customer solutions such as cash deposits and withdraws, fund transfers, and bills payments.
The Best Retail Bank in Tanzania award reflects NMB’s strategy and commitment to offering its customers the best possible services by offering flexibility, competence and demonstrating a strong commitment to enhance customer experience through the provision of value-added banking services. NMB’s initiatives and partnerships are those that are positively impacting surrounding communities which put their trust on the bank of which directly attributes to customer deposits that increased by 8% to TZS 5.3 trillion in 2020.
These awards underscores NMB Bank’s leadership in the Tanzanian banking sector. The judging panel for both awards highlighted the advantage NMB Bank demonstrated with its digital banking and agency banking platforms. NMB Bank’s CEO – Ruth Zaipuna said, “innovative products, investments in technology and digital solutions, coupled with the widest branch network and ATM’s have contributed to the transformation of the bank, making it the Ms. Zaipuna added that winning the Best Bank and Best Retail Bank in Tanzania is a clear indication that our efforts are recognized not just in Tanzania but outside the country as well.
“It’s a great accomplishment and honour for NMB Bank to receive these two prestigious awards and the recognition they represent. We are proud that our efforts are being recognized but we also know we can’t be complacent; we must continue to hold ourselves to the highest global standards and continue to reflect our dedication to maintaining our place as Tanzania’s best bank and leading retail bank”, she added.
Both awards were given after measuring several metrics including, financial performance, digital banking strategy, financial inclusion, product offerings and the approach to innovative banking offerings and corporate social responsibility. Other quantitative metrics considered include market capitalization; return on equity; return on assets; market share of deposits; market share of loans; loans-to-deposits ratio; non-performing loans ratio; and non-performing loan coverage ratio.
Winning both the Euromoney Excellence and Global Banking & Finance Awards confirms NMB’s investment in human capital, digital transformation, technology and recognition for its continued leadership position in providing innovative financial service offerings through consistently developing its banking solutions to the market.
Euromoney’s editor Louise Bowman explained: “This award reflects the progress made by NMB Bank throughout the years including generating the highest profit in the history of the sector at TSh206 billion ($88.4 million), up 45% from the profit recorded in 2019.By every measure – record financial performance, sustainable profitable growth and outperforming its peer group in a wide variety of metrics – NMB led the way in Tanzania,” said Wanda Rich, Editor, Global Banking & Finance. “NMB is also being recognized for continuing to dominate the Tanzanian landscape in terms of good governance, integrity, financial inclusivity and corporate social responsibility, which all contributed to an exceptional year for NMB.”
For more information on NMB visit www.nmbbank.co.tz