NMB Bank Named Best Bank in Tanzania
NMB Bank Tanzania has been recognized as the top bank in the country by the esteemed Euromoney Awards for Excellence, reaffirming its status as the leading financial institution in Tanzania.
This accolade marks the eleventh time in twelve years that NMB Bank has achieved this distinction, underscoring its consistent leadership in the banking sector.
In addition to being named Tanzania’s Best Bank, NMB Bank also garnered four other prestigious awards: Best Bank for Environmental, Social, and Governance (ESG), Best Digital Bank in Tanzania, Best Domestic Private Bank, and Best Bank for High Net Worth Individuals.
These honors collectively highlight the bank’s holistic approach to banking, highlighting its commitment to sustainability, innovation, and wealth management.
Alfred Shao, Chief Wholesale Banking at NMB Bank, proudly accepted the awards on behalf of the bank at the ceremony in London. He expressed heartfelt gratitude to the bank’s customers, stakeholders, and dedicated team for their crucial role in this extraordinary achievement.
For over thirty years, Euromoney, renowned as a global benchmark for banking excellence, has celebrated the banks and bankers who distinguish themselves, establishing a comprehensive awards program that is now the industry’s global standard. The Euromoney Awards 2024 saw participation from over 600 banks worldwide.
Receiving an Euromoney award for excellence is a significant career milestone, providing an opportunity for well-deserved recognition from peers in a highly competitive and demanding field.
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NMB Bank’s financial performance has been equally noteworthy. The bank reported a 19% increase in total assets to $4.7 billion in 2023, fueled by a 28% growth in loans and the addition of 1.2 million new customer accounts. Net profit also saw a significant rise of 26% to $208.6 million.
Furthermore, NMB Bank launched the region’s first green and social bond, the NMB Jamii bond, in 2023. The TSh1 trillion ($386 million) bond was issued in two tranches, with proceeds dedicated to environmentally sustainable and socially responsible projects.
Additionally, the bank invested TSh6 billion in education, health, and climate-related initiatives as part of its corporate social responsibility efforts.
