NMB BANK PLC WINS EUROMONEY AWARD FOR EXCELLENCE 2020 - TANZANIA’S BEST BANK

NMB Bank Board Chairman, Dr. Edwin P. Mhede (centre), receiving the Best Bank Award from the NMB Bank Acting Managing Director, Ruth Zaipuna (left). Looking on is the NMB Bank Chief of Retail Banking, Filbert Mponzi (right).

NMB Bank Board Chairman, Dr. Edwin P. Mhede (centre), NMB Bank Acting Managing Director, Ruth Zaipuna (left) and NMB Bank Chief of Retail Banking, Filbert Mponzi (right), rejoice with the award given to them by Euromoney for being the Best Bank in Tanzania.

NMB Bank Plc has for the 8th consecutive year scooped the Best Bank in Tanzania 2020 award by Euromoney Magazine outshining about 40 other banks in the country. This is a top award issued by the leading global financial markets magazine based in London.

The award is given after measuring a number of metrics including, financial performance, digital banking strategy, financial inclusion, product offerings and the approach to cybersecurity and corporate social responsibility.

Other 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.

This award reflects the progress NMB Bank has made in delivering a banking experience that captures what customers need today and tomorrow, making it the best bank for financial inclusion in the country.

NMB’s Acting Managing Director, Ruth Zaipuna said, “We are today a bank that is known for, Resilience, focus on Technology and Innovation.”

"NMB’s purpose is to drive Tanzania's growth. We are committed to being more than a provider of financial products and services - we are a catalyst for economic change in our country, and we endeavour to enhance the lives of our fellow Tanzanians by offering convenience and accessibility of our banking services across the country,” said Ms. Zaipuna insisting that winning this award for the 8th time in a row is a manifestation of the bank’s commitment to its clients and Tanzania.

She added: “We are leveraging on the best of technology in digital banking, innovative products, our extensive branch network and alternative channels to add real value to our customers’ lives."

The Euromoney Excellence Award confirms the bank’s investment in digital transformation and technology and its ability to deliver innovative solutions to the market.

In the 2019 financial performance, NMB Bank reported a TZS 142 billion profit after tax, a 46% increase from TZS 98 billion recorded in the previous year maintaining it as the most profitable bank for over a decade.

Describing the selection criteria and reliability of the award, Euromoney’s editor Clive Horwood explained: “We continue to seek the best of the best in all countries offering banking services. As every year, size is important but certainly not paramount. Profitability is of course vital, but so is an ability to demonstrate growth, relative outperformance compared with peers and the ability to adapt to changing market conditions and/or client needs.”