NCBA Bank vows to support SMEs

NCBA Bank has pledged to sup- port small and medium enterprises to stimulate economic growth.
Margaret Karume, Executive Officer of
Bank, pledged such support during the celebration of the bank’s arrival in the country.
She said the bank’s goal was to inspire those who are commit- ted to their successful journey and stimulate economic growth in the country and beyond.
‘Through our customer-focused innovation and investment in digital banking products, we are ready to accelerate growth and development in key economic sectors such as small, medium enterprises, corporations, large infrastructure projects and the agricultural sector,” she said.
Karume emphasised that their effort will be digital, hence the bank will place its customers at the centre of innovation.
She added that they will continue to innovate and provide the best technological and revolutionary financial services accepted internationally such M-PAWA and other online banking services to meet and transcend their customers’ needs
Dr Ashatu Kijaji, Deputy Minister for Finance and
Planning, said the bank- ing sector was an important pillar in terms of providing financial assets and access to loans for small and medium enterprises.
These loans, she add- ed are often are provided for business operations, profits and value addition for everyone in income generation.
Dr Kijaji, who was the guest of honour, noted that the government strived to build an industrial economy through strong financial sector that will drive financial inclusion across the country and provide essential products and services that will boost economic growth.
“The banking sector should support our agriculture sector since it is critical in our economy, employing 70 per cent of Tanzanians. It has positive impact on the growth of small, medium enterprises and cooperatives,” she said. The deputy minister point- ed out that it is important for the banks in the country to provide low interest loans for farm inputs, build capacity to farmers and create programmes that will increase them financial awareness. Dr Kijaji commended the bank for its full commitment to support the government’s effort to strengthen the financial sector.
She singled out M-Pawa as a very innovative because it offered smooth access to credit and savings through mo- bile phones and brought financial inclusion, growth of small and medium enterprises. Nassor Omar, Manag- er of Financial Institutions Management at the Bank of Tanzania (BoT), praised NCBA Bank for its ingenuity in being at the forefront of bringing financial inclusion through digital innovation to ensure everyone had access to financial services easily.
“I would like to emphasise that the maturity of the banking system is an important pillar in building a stable economy. Thus, the arrival of NCBA Bank is one of the most important growth factors in strengthening Tanzania’s position as a middle-income country, in line with the objectives of the government,” he said. NCBA officially commenced its operations on August 8 2020 following BoT approval. The bank plans to spread its services at its branches in Mwanza, Arusha and Zanzibar.