Tanzania: Digital Technology Vital in Bolstering Banking Sector

Jul 21, 2020 | Tanzania Daily News - All Africa

INVESTMENT in digital technology has brought about remarkable change and increased efficiency on the way banks reach and serve its clients in different parts of the country.

Currently most of the customers in the banking sector enjoy the use of digital solution in carrying various transactions without visiting the branches thus creating conveniences and accessibility.

The NMB Acting Managing Director, Ruth Zaipuna said the NMB purpose is to drive Tanzania's growth and endeavour to enhance the lives of our fellow Tanzanians by offering convenience and accessibility of our banking services across the country.

"We are today a bank known for reliance, focus on technology and innovation," she said.

She said, "We are leveraging on the best technology in digital banking, innovative products, out extensive branch network and alternative channels to add real value to our customers lives," The bank has 225 branches, over 7000 agents and more than 800 ATMs with over 3 million customers.

This investment in digital technology is one of the factors that made the bank to excel in scooping the international award in the 8th consecutive time by the London based Euromoney.

The award issued by the London based global financial markets magazine is given after measuring a number of metrics including financial performance, digital banking strategy, financial inclusion, product offerings and the approach to cyber security and corporate social responsibility.

This award is a clear demonstration that NMB bank is more than a provider of financial products and services to being a catalyst for economic change through digital transformation and technology coupled with the ability to deliver innovative solutions to the market.

The Euromoney excellence award confirms the bank's investment in digital transformation and technology and its ability to deliver innovative solutions to the market.

The other metrics considered by the Euromoney are namely market capitalisation, 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.

Last year the Central Bank launched the Tanzania Instant Payment System (TIPS) project, a single platform to connect different payment systems providers to facilitate easiest, fastest, cost-effective and secure instant payments. Read more on All Africa

Source: All Africa