NCBA Bank Tanzania CEO and Managing Director Margaret Karume said SMEs involve the majority of people and their growth will propel the country towards rapid economic growth. Karume, who was speaking in Dar es Salaam this week when the new bank unveiled its headquarters, said NCBA Tanzania has ambitions to inspire go-getters on their journey to greatness.
“Through our customer-centric innovation and our investments in bespoke digital banking products, we are poised to facilitate the growth and development of critical sectors of the economy, such as small and medium enterprises, large projects infrastructure and the agricultural sector, ”she said. Noted.
The NCBA chief promised the government, which was represented by the Deputy Minister of Finance and Planning, Dr Ashatu Kijaji, that the bank would support the fifth-phase government’s efforts to build an industry-based economy. .
“I emphasize that through our digitally driven approach, we will continue to innovate and share the best technological advancements and best customer service by providing exceptional financial services – and products that exceed customer expectations, with standards internationally. accepted, ”Karume promised.
In his official address, Dr Kijaji said that NCBA Bank’s leadership assured it of its commitment to fostering an enabling environment for micro-SMEs and SMEs – to ensure growth and economic empowerment ranging from small to medium-sized to large companies.
“Indeed, we are all aware that the development of SMEs is a central element of economic growth, as they not only provide employment opportunities to the masses, but also contribute essential to the growth of the GDP and the economy. increased tax revenue, ”she said.
She added, “To facilitate this, we need a strong financial services sector that can drive financial inclusion across the country and deliver key products and services that increase access to credit and loans with affordable interest rates to accelerate growth.
The deputy minister added that the “Tanzania Development Vision 2025” highlights small and medium enterprises as an important contributor to the long term development goals of the country.
“Tanzania’s SME sector is estimated to consist of more than three million enterprises which contribute over 27 percent of the overall gross domestic product,” Dr Kijaji explained while stressing that the banking sector is a important catalyst in the provision of financial assets and access to credit for microenterprises. SMEs and SMEs.
The Minister commended the NCBA Bank for its unwavering commitment to supporting the government’s efforts to create a strong financial sector. “I am deeply encouraged by NCBA Bank to take action, in particular with the M-Pawa product which offers digital access to savings and quick loans via mobile phone, thus promoting financial inclusion, growth of SMEs and empowerment of the majority of Tanzanians, ”she said.
Supporting the observations of Dr Kijaji, an official in the Financial Sector Supervision Directorate of the Bank of Tanzania, Nassor Omar commended the NCBA Bank for its vigor in spearheading digital financial inclusion to ensure that all access to financial services.
“I would like to reiterate that a strong banking system is the cornerstone of building a resilient economy. The arrival of NCBA Bank is therefore an excellent addition to strengthen Tanzania’s position as a middle-income country, which goes hand in hand with the government’s objectives, ”Omar noted.
The NCBA Bank Tanzania headquarters launch will be followed by similar branch launches across the country, including in Arusha, other parts of Dar es Salaam, Mwanza and Zanzibar.