By our special Correspondent, Shinyanga
Building upon its long-standing commitment to extending financial services to underserved communities, NMB Bank has inaugurated a special branch at the bustling Tinde livestock auction. This initiative represents a significant leap forward in bridging the financial gap in rural Tanzania.
The launch was a significant launch of other four similar special branches at various auctions of Itobo in Nzega District, Iborogero in Igunga, Dosidosi in Kiteto and Mkongeni in Mvomero District.
The strategic location of these new special branches aims to revolutionize the financial experience for livestock traders and keepers by providing secure, convenient, and efficient services within the heart of their economic activity.
NMB Bank’s Chief of Retail banking, Filbert Mponzi articulated that the Bank recognizes the pivotal role of livestock auctions in the rural economy and its presence in Tinde signifies a commitment to democratizing financial services and empowering communities that have historically faced barriers to access.
“By establishing a physical banking presence within the Tinde auction, we are directly addressing the risks and inefficiencies associated with cash-based transactions. The branch will offer a comprehensive suite of services, including deposit and withdrawal facilities, electronic money transfers, financial literacy programs tailored to the agricultural sector, and specialized loan products designed to enhance livestock productivity and market access.” Mponzi said.
Mponzi also emphasized on the integration of technology and innovative financial products to enhance the value proposition for livestock keepers since the Bank is leveraging technology to deliver tailored solutions that meet the specific needs of the agricultural sector in addition to traditional banking services.
“Our mobile banking platform enables livestock keepers to manage their accounts, transfer funds, and access information on market prices and acquire digital loans up to TZS 1,000,000 from the convenience of their mobile phones. Furthermore, we are offering specialized loan products designed to finance investments in livestock improvement, infrastructure development, and value-added processing,” The Bank’s chief of Retail Banking said.
The Shinyanga Rural District Executive Director and the event’s Guest of Honor, Dr. Kalekwa Kasanga, lauded NMB Bank’s innovative approach as a model for financial inclusion that is not only facilitating safer and more efficient transactions, but also promoting financial literacy and fostering a culture of formal financial engagement.
“NMB Bank’s initiative demonstrates a deep understanding of the unique financial needs of rural communities. By integrating banking services directly into the livestock auction ecosystem,” the DED said.
she added that the Bank has likely underscored the significance of such initiatives in driving broader economic development since financial inclusion is a key enabler of sustainable growth. By expanding access to credit, savings, and insurance products, the bank will empower entrepreneurs, boost agricultural productivity, and create more resilient rural economies.
“I hereby call upon other financial institutions to emulate NMB’s approach and develop customized solutions for underserved populations,” Dr. Kalekwa added.
Since NMB ‘Tinde mnadani’ special branch is the first among these five NMB branches at various Livestock auctions in the country, the DED highlighted the transformative potential of these branches for the local economy and saying it will not only reduce the risks associated with cash handling but also encourage greater participation in the formal economy.
“This investment by NMB Bank will have a profound impact on our community. By providing a secure and convenient means of managing finances, this initiative will drive economic growth, create employment opportunities, and improve the overall standard of living for our residents.” Dr. Kasanga said.
He further elaborated on the multiplier effects of increased financial access: “With access to credit and savings facilities, livestock keepers will be able to invest in improved breeds, better feed, and modern farming techniques, leading to higher productivity and increased incomes.
This will also stimulate demand for other goods and services, creating a virtuous cycle of economic growth,” she said
This initiative by NMB Bank is a strategically astute move that capitalizes on the growing importance of livestock auctions as a key node in the agricultural value chain. By providing accessible and affordable financial services, NMB Bank is not only mitigating risks and inefficiencies but also unlocking the untapped potential of the rural economy. This initiative serves as a testament to the power of innovative financial solutions in driving inclusive growth and empowering communities.
The launch event featured a comprehensive demonstration of the banking services available, as well as presentations on financial literacy and livestock management best practices. NMB Bank employees joined local residents for a community gathering, further cementing the bank’s commitment to building strong relationships and fostering sustainable economic development.
This strategic investment in Tinde and in other branches underscores NMB Bank’s broader strategy of expanding its reach through digital channels, agency banking, and strategic partnerships. The bank’s extensive network of branches, ATMs, and agents, coupled with its commitment to innovation, positions it as a key driver of financial inclusion and economic empowerment in Tanzania.
