BoT lauds NMB’s new launched first-ever sandbox environment for startup firms

The Bank of Tanzania (BoT) has lauded the NMB Bank’s new launched first-ever sandbox environment for local startup companies, saying the move will support technological innovations for better delivery of financial services in the country.

Under the setup, startups and tech-savvy Tanzanians will be accorded an easy way to integrate solution innovations with NMB Bank platforms for testing their readiness to be marketed, which the lender said will be done after getting the requisite approvals from the Bank of Tanzania (BoT).

Speaking at the launching ceremony on Thursday in Dar es Salaam, the BoT’s Deputy Governor Dr Bernard Kibesse said: “I congratulate the NMB Bank in supporting the government effort.”

He further said that the Bank’s sandbox environment initiative will promote innovation and creative solutions.

BoT’s Deputy Governor Dr Bernard Kibesse with NMB Bank Board Chairperson DR Edwin Mutende (Centre), NMB Bank CEO Ruth Zaipuna (Left) receiving information on various ICT solutions for financial systems from one of the young tech-savvy entrepreneurs at the launch of the NMB first ever sandbox environment for local startup companies

“The NMB Bank’s sandbox environment initiative will improve the growth of the financial sector and help banks to improve service delivery,” he said.

The Deputy Governor added: “it is a very good idea as the NMB’s new initiative designed to support local startup companies and young tech-savvy entrepreneurs a rare opportunity to showcase their capabilities and create innovative financial solutions.”

“The move will also help to reduce the cost of banking services and create employment opportunities,” he observed

He noted, “The country has many innovators who fail to deliver accordingly but through NMB’s initiatives such as sandbox environment, will not only support service delivery but also help to create new jobs for the Tanzanians.”

On her part, NMB Bank Chief Executive Officer (CEO) Ruth Zaipuna said: “We will back the initiative with a financing package of 1bn/-for seed funding the solutions and inventions with marketability credentials and transformative potential to elevate local banking to new heights.”

NMB Bank Treasurer, Aziz Chacha (left) and NMB Chief Human Resources Officer Emmanuel Akonaay, were among those who attended the launch of the NMB first ever sandbox environment for local startup companies held at Mlimani City – Dar es Salaam

CEO Zaipuna said the sandbox initiative will not only expands NMB’s digital platforms but also consolidate its innovation prowess leadership in the market.

She underscored that the sandbox environment is a platform that allows startups to experiment, test and pre-certify integration with our banking services.

“We have created a clear guide on security and risk assessment, which the bank will perform to allow the innovators to transition to its live environment,” she said.

“In this year, we have managed to scoop seven international awards of excellence, including one for being the most innovative lender in the country,” the NMB Chief said, the achievement was due to its huge technological investments, financial inclusion agenda and capital strength.

Speaking at the sideline of the ceremony, NMB’s Acting Chief of Technology and Digital Transformation, Mr Kwame Makundi: “I urged all startups who keen need to work with NMB Bank to utilise this rare opportunity.”

BoT’s Deputy Governor Dr Bernard Kibesse with NMB Bank Board Chairperson DR Edwin Mutende (Centre), NMB Bank CEO Ruth Zaipuna receiving information on various ICT solutions for financial systems from one of the young tech-savvy entrepreneurs at the launch of the NMB first ever sandbox environment for local startup companies.