NMB Bank has won two international awards for its outstanding financial performance and initiatives, excellence in customer service, innovation prowess, and huge investment in technological solutions.
Two global financial markets magazines based in London have named the top lender and profit-making leader the best bank and the leading retail bank in Tanzania for 2021.
“For the 9th 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,” reads the presser on the accolades.
According to it, the Euromoney Best Bank award recognized NMB’s strong financial performance and its switch to digital channels for greater efficiency. With 93 per cent of its transactions taking place outside branches, NMB rightly deserves this recognition that also took into account the bank’s financially inclusive approach to the business.
The Best Retail Bank in Tanzania award reflects NMB’s strategy and commitment to customer service excellence and value addition. The lender said the two awards underscores its market leadership, innovative creativity, unrivalled competitiveness and financial inclusion commitment.
Revealing the awards yesterday in Dar es Salaam, Chief Executive Officer, Ruth Zaipuna said winning the Best Bank and Best Retail Bank in Tanzania accolades was a clear indication of the bank’s local clout and international recognition.
She said what makes NMB the best bank in the country mostly emanates from its leadership in innovative products, investments in technology and digital solutions. These are coupled with the widest branch network and ATM’s, which have greatly contributed to its transformation.
“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,” Ms Zaipuna said.
She added that 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.
Ms Zaipuna stated that the two awards also confirms NMB’s investment in human capital, digital transformation, technology and innovative financial service offerings.
“This (best bank) 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 per cent from the profit recorded in 2019,” Euromoney’s editor Louise Bowman explained.
“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,” noted Global Banking & Finance editor Wanda Rich.