Global Finance (GF): What are the modern landmarks of the NMB Bank in the driving of digital transformation?
KWAME (km) groups: In 2024, NMB showed its commitment to technological progress by launching more than 20 initiatives that support growth and improve its offers in terms of customer experience, financial inclusion and operational efficiency. NMB PESA account is a good example. This digital solution and cards are designed without a low -income families to enhance financial inclusion in rural areas. It requires a small initial deposit, the bank has on more than 354,000 accounts in 2024.
Another successful initiative was MSHIKO FASTA, digital digital loan producer reduced the time of transformation from about five days to less than 10 minutes to obtain unacceptable loans. This mainly meets small and medium -sized companies and businessmen and can be accessed from mobile devices.
NMB Kikundi is a reasonable and accessible digital solution that enables customers to open the group accounts immediately via their phones through NMB MKONI and USSD services without restrictions on the discount and zero transfer fees. Last year, 40,000 collective accounts were on board.
We have also created Flexmalipo, a solution for payment and management of schools and religious institutions. By helping to control payment and reconciliation courses and clarity of transactions in the actual time-without any cost-we dismantled more than 830 schools.
GF: How did this innovation trip strengthen NMB?
how much: Our digital transformation efforts led to great efficiency gains. For example, in 2024 sub -transactions decreased by 10 %, and we improved the cost to income by 100 basis points, from 39 % in the previous year. More specifically, our strategic investment in loan management and international standards systems for the preparation of 90th financial reports has led to a decrease in our loan loss to 0.97 % and the non -operating loan rate to 2.9 % by the end of 2024.
GF: What are the main features of the NMB MKONI application also distinguishes the bank?
how much: This application is distinct from all other bank mobile applications in several ways. First, it provides a custom user interface and an improved customer experience in general that allows smooth mobility through a wide range of jobs. Second, the application provides access to applying for an unaccounted digital loans, including MSHIKO FASTA and Salary Advance. The app also contains safety features, such as reinforced biometric authentication, for a safer experience. Finally, the application provides many value -added services, from local and international funds, to savings solutions, to payment of bills and make withdrawals.
GF: What inspired NMB to develop digital loans for the local market?
how much: In response to meeting the advanced customer needs, we have benefited from the NMB innovation strategy to provide immediate credit solutions that can be easily accessible at any time and anywhere. In addition to reducing the times of transformation, eliminating paperwork and improving customer satisfaction, we can customize loan amounts based on actual time data, ensuring credit customers that match their financial ability, thus enhancing confidence and repetition of use.
GF: How did this digital proposal affect the banking scene in Tanzania?
how much: Through our digital loans, credit decisions are taken using multiple data sources, allowing individuals with lack of services to reach official credit for the first time. For customers, this access to official financial services expanded, reducing dependence on informal lenders while supporting the broader financial inclusion throughout Tanzania. Since NMB Bank launched the solution in 2022, we have spent more than three million loans to one million customers who were previously deprived of the country – from entrepreneurs and women to food vendors and motorcyclists.
GF: What is the next on your digital banking schedule?
how much: NMB Bank explores emerging technologies to maintain our competitive advantage in an increasing digital market. Current initiatives include the strategic modernization of our basic banking system. This aims to stimulate business growth, enhance operational efficiency, enhance innovation, and enhance information technology risk management. We want to bring new products to the markets faster.
We also invest in AI and machine learning capabilities to make decisions faster and more enlightening, as well as more customization and analyzes in actual time. Talent development is also a strategic goal, which makes the correct appointments in the main information technology and digital roles in line with the long -term transformation agenda.
With these and other initiatives, NMB meets advanced customer needs by taking advantage of digital channels to provide comfort, efficiency, customer satisfaction and more financial inclusion.
