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NMB Bank Plc has been honored with the title of Best SME Bank in Tanzania for the year 2024 by Global Finance Magazine at the esteemed Third Annual World Best SME Bank Awards.

This prestigious award, reserved for exemplary dedication to SMEs, showcases NMB Bank’s pivotal role. It emphasizes the bank’s commitment to fostering economic growth and empowerment within Tanzania’s entrepreneurial ecosystem.

This recognition solidifies NMB Bank’s standing as a frontrunner in the field, reaffirming its commitment to empowering Tanzanian enterprises to thrive and succeed in a competitive market landscape.

The selection process for the 2024 Best SME Bank Awards involved a comprehensive evaluation procedure, encompassing rigorous scrutiny of submissions and independent research.

Key stakeholders, including industry insiders, executives, and technology experts, provided valuable insights and perspectives to ensure a thorough assessment of each nominee’s performance in serving the SME sector.

The selection process is further comprehensive and meticulous. It encompasses various criteria, including financial performance, customer satisfaction, innovation and technology, tailored solutions, impact and outreach, industry reputation, and sustainability and social responsibility.

Through this rigorous evaluation process, Global Finance Magazine ensures that the recipient of the Best SME Bank award exemplifies excellence in serving the unique needs of SMEs.

One of the standout factors contributing to NMB Bank’s victory was its innovative approach to SME financing, exemplified by the groundbreaking Jasiri Gender Bond.

This pioneering initiative raised an impressive TZS 74 billion, providing crucial support to over 3,000 female-owned and led enterprises.

The Jasiri Gender Bond not only showcases NMB Bank’s commitment to gender equality but also highlights its dedication to empowering underrepresented segments of the SME community.

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In addition to its innovative financing solutions, NMB Bank was commended for its efforts to enhance the breadth and quality of SME services through the deployment of new technological platforms, AI implementation, strategic capital investments, and strategic industry alliances.

These initiatives not only demonstrate NMB Bank’s proactive approach to meeting the evolving needs of SMEs but also highlight its role as a catalyst for innovation and economic development.

The significance of NMB Bank’s recognition as the Best SME Bank in Tanzania 2024 extends beyond mere accolades. By providing tailored financial solutions and spearheading initiatives like the Jasiri Gender Bond, NMB Bank continues to make meaningful contributions to the growth and prosperity of SMEs across the country.

The Global Finance Magazine Award for Best SME Bank in Tanzania is a testament to NMB Bank’s unwavering commitment to excellence in SME banking.

This prestigious accolade reflects the bank’s dedication to serving the unique needs of SMEs and its relentless pursuit of innovation and excellence in financial services.

Joseph Giarraputo, the Founder and Editorial Director of Global Finance Magazine, presented the award to Alex Kottrip, the Head of Business Banking at NMB Bank, at a ceremony held in London, UK.