NMB came about in 1997 as a result of the break-up of the National Bank of Commerce into two entities. It is today Tanzania’s leading bank with some 2.3 million clients. It offers all the services of a universal bank (retail, corporate, SME banking, etc.). It has a network of over 150 bank branches 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.
PROPARCO’s credit line will support the development of NMB’s activity with SMEs and companies with incomes in USD.
This operation will increase the local financing capacity in a country where long-term foreign-currency resources are not well-developed. It will support the development of the local economic base in key sectors for the country’s development – particularly agriculture. It will also help improve access to financial services via its extensive network of branches.