By our Correspondent
NMB Bank and the University of Dodoma (UDOM) have signed a Memorandum of Understanding (MoU) to collaborate in enhancing technological and ICT capabilities, with a mutual aim of fostering innovation.
This agreement seeks to bolster the technological expertise of Tanzanians while also driving significant digital transformations in the financial sector. The signing ceremony was led by NMB Bank’s Chief Human Resources Officer, Emmanuel Akonaay, and the Vice Chancellor of UDOM, Professor Lughano Kusiluka.
Discussing the plan, Akonaay stated that the agreement aims to cultivate and develop various talents, especially identifying students excelling in the field of ICT. NMB Bank plans to provide expert advice, capacity-building opportunities, hands-on training, and platforms to implement their ideas. They will also offer training through accelerator programs to support startups.
Through this initiative, UDOM students will gain access to a specialized platform to test technological innovations with a financial focus, offering them the chance to continue developing innovations in the financial sector via the NMB Sandbox framework.
Currently, over 300 innovators, including students and tech startups, are registered in the sandbox program, conducting research and development on their innovations with the expectation of integrating them into the banking system.
“By doing this, NMB Bank aims to encourage a culture of entrepreneurial technology development while also addressing various challenges within the financial sector,” Akonaay remarked.
According to the bank executive, NMB Bank believes in digital transformation, which is why they have invested significantly towards this. Their ambition is to see UDOM students leading the digital change journey.
On financial education, NMB underscores its importance for youth and commits to continue providing financial literacy programs to help students, guardians, and parents make informed financial decisions consistently, aiding in various life aspects, including budgeting and optimal investment of finances.
Professor Lughano Kusiluka of UDOM commented that the agreement awaits enthusiastic participation from students, university leadership, and NMB Bank, which could boost technological growth in the country and across Africa.
Through the NMB Foundation initiative, NMB Bank continues to award scholarships via its ‘Nuru Yangu’ program. Last year, over 1 billion Shillings were invested to support students from challenging backgrounds attending public universities, including the University of Dar es Salaam. In addition to tuition, students receive university supplies, transportation, health insurance, and laptops, with 50 students from UDOM benefiting.
Professor Kusiluka stated that this initiative liberates them and allows their ICT ambitions to be realized, bringing more skilled professionals globally to study at UDOM.
Mohamed Abdallah Mohamed, the President of the UDOM Student Government, expressed that the program is their gateway to becoming self-employed experts and future billionaires.
