NMB Bank Tanzania

NMB Bank Plc., is a commercial bank in Tanzania. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.[2]

For other uses, see NMB (disambiguation).

NMB Bank Plc
TypePublic
DSE: NMB
IndustryFinancial services
Founded1997 (1997)
Headquarters
Dar es Salaam
,
Tanzania
Key people
Edwin Mhede
Chairman
Ruth Zaipuna
Chief Executive Officer
ProductsLoans, Savings, Transaction accounts, Investments, Debit Cards, Credit Cards, Mortgages
RevenueIncreaseAftertax: TSh 429 billion (US$172.7 million) (2022)[1]
Total assetsTSh 10.2 trillion (US$4.106 billion) (2022)[1]
Number of employees
3,500+[1] (2022)
Websitewww.nmbbank.co.tz

Overview

As of 31 December 2022, the bank's total assets were valued at approximately US$4.106 billion (TSh 10.2 trillion), with more than 6 million customer accounts and more than 3,500 employees.[1]

As of September 2023, the bank was a large financial services institution, providing commercial banking services to individuals, small and medium-sized enterprises, corporate clients as well as large businesses. Then, it was the second-largest commercial bank in Tanzania, by assets, behind CRDB Bank Plc. At that time, NMB Bank was ranked as the 3rd most profitable bank in the East African Community, having risen from 10th position in 2018. In 2023 its cost to income ratio was 38 percent.[3]

History

Following the break-up of the old National Bank of Commerce in 1997, by act of Parliament, three new entities were created: (a) NBC Holdings Limited (b) National Bank of Tanzania (1997) and (c) National Microfinance Bank (NMB). Initially NMB could only offer savings accounts, with limited lending capabilities. In 2005, NMB Bank was privatized and the Government of Tanzania, the sole owner of NMB until then, divested 49 percent shareholding to Rabobank of the Netherlands. Over the years since that time, further divestiture by the Tanzanian Government and subsequent listing of the bank's stock has led to a diversified ownership structure, as outlined under "Ownership". In 2008, the Government of Tanzania off-loaded another 21 percent shareholding in an initial public offering (IPO) at the Dar es Salaam Stock Exchange (DSE).[4]

Ownership

The stock of the bank is listed on the Dar es Salaam Stock Exchange, under the stock symbol NMB. As of September 2023, the company's stock was owned by institutions and private individuals as detailed in the table below:[5]

NMB Bank Plc Shareholding Structure as at 30 June 2023
S/N Shareholder % Ownership
1. Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. 'Rabobank Nederland'
34.90
2. The Treasury Registrar of Tanzania
31.78
3. NICOL Tanzania
6.61
4. Aunali F Rajabali And Sajjad F Rajabali
5.00
5. SQM Frontier Africa Master Fund Limited
1.91
6. Morgan Stanley Galaxy Fund
1.34
7. Morgan Stanley Institutional Fund Inc.: Frontier Emerging Markets Portfolio
1.24
8. Patrick Schegg
0.99
9. Tanzania Parastatal Pension Fund (PPF)
0.97
10. Pinebridge Sub-Saharan Africa Equity Master Fund
0.77
11. Kuwait Investment Authority
0.70
12. Duet Africa Opportunities Master Fund
0.63
13. TCCIA Investment Company Limited
0.52
14. Other public and private shareholders
12.64
Grand Total
100.0

Branch Network

As of September 2023, the bank maintained 230 networked brick-and-mortar branches in all regions and provinces of mainland Tanzania and Zanzibar Island.[6]

Governance

Edwin P. Mhede, a non-executive director, serves as the chairman of the eight-person board of directors.[7] Ruth Zaipuna serves as the chief executive officer. Eleven other senior managers work with her to execute the bank's day-to-day business.[8]

See also

References
  1. African Financials Online (7 June 2023). "NMB Bank Plc: 2022 Annual Report". Africanfinancials.com. Harare, Zimbabwe. Retrieved 8 September 2023.
  2. "Directory of Commercial Banks Operating In Tanzania". Bank of Tanzania. Dar es Salaam, Tanzania. 8 September 2023. Retrieved 8 September 2023.
  3. Tanzania Daily News (7 September 2023). "East Africa: NMB Ranks Among Most Valuable Company in EAC" (via AllAfrica.com). Daily News (Tanzania). Dar es Salaam. Retrieved 8 September 2023.
  4. NMB Bank Tanzania (15 September 2023). "The History of NMB Bank Plc". NMB Bank Plc. Dar es Salaam, Tanzania. Retrieved 15 September 2023.
  5. NMB Bank Tanzania (15 September 2023). "The Current Shareholders of National Microfinance Bank". National Microfinance Bank (NMB Bank Tanzania). Dar es Salaam, Tanzania. Retrieved 15 September 2023.
  6. The Citizen Tanzania (1 September 2023). "Samia inaugurates NMB branch in Unguja as bank extends wings". The Citizen (Tanzania). Dar es Salaam, Tanzania. Retrieved 15 September 2023.
  7. NMB Bank Tanzania (15 September 2023). "The Board of Directors of NMB Bank Plc". National Microfinance Bank Tanzania. Dar es Salaam, Tanzania. Retrieved 15 September 2023.
  8. NMB Bank Tanzania (15 September 2023). "The Management Team of NMB Bank Plc". National Microfinance Bank Tanzania. Dar es Salaam, Tanzania. Retrieved 15 September 2023.
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