Proparco is participating in the development of the country's banking sector by continuing to finance National Microfinance Bank in Tanzania. It is specifically supporting the financing of local SMEs, particularly in rural areas.
NMB came into being in 1997 when National Bank of Commerce split into two entities. It is today Tanzania's largest bank with some 2.3 million clients. It offers all the services of a universal bank (retail, corporate, SME bank, etc.). It has a network of over 175 branches and 600 ATMs, covering 95% of the territory. NMB was privatized in 2005 and its main shareholders include the Dutch cooperative banking group Rabobank and the Tanzanian State.
This second tranche of financing will support the development of NMB's activity with SMEs and companies with incomes in USD.
This operation will contribute to boosting and diversifying the range of products in Tanzania's financial sector, in a country where the rate of use of the banking system only stands at 17%. The bank is particularly innovative in terms of services and the use of new technologies. The project will also improve access to financial services for populations living in rural areas, with the development of NMB's activities in the agricultural sector. Finally, the project will contribute to supporting female employment, as almost half of the 2,900 local jobs supported by the project will be held by women.